World Omni Financial Corp. is preparing to issue $744 million of bonds backed by leases on Toyota branded automobiles and light-duty trucks, according to Fitch Ratings presale report.
JP Morgan is lead manager on the deal, World Omni Automobile Lease Securitization Trust 2013-B. The transaction is structured with five class of notes. The class A1, money market fund notes are rated ‘F1+’; the class A2, A3 and A$ notes are rated ‘AAA’. The structure will also offer $15.61 million of ‘AA’ rated, class B notes.