World Omni Financial priced $849.15 million of securities backed by auto loan receivables, according to person familiar with the deal.
The deal, issued from its World Omni Auto Receivables Trust program, is the first of this year for the Florida based corporation. Barclays, JP Morgan and Wells Fargo are the lead underwriters on the 2014-A series.
The capital structure includes $831 million of triple-A rated class A notes. The money market fund tranche pays an interest of 0.20%.
The class A2 notes with a weighted average life of 2.55-years priced at 16 basis points over eurodollar synthetic forward curve.
The class A3 notes, with a weighted average life of 2.55-years, priced at 20 basis points over interpolated swaps curve and the 3.81-years, class A-4 notes priced at 26 basis points over interpolated swaps curve.
The issued sold $17.8 million of double A rated class B notes with a weighted average life of 3.89-years at 50 basis points over interpolated swaps curve.
World Omni is a wholly owned subsidiary of JM Family Enterprises. The company provides a range of automotive-related distribution and financial services to Toyota dealerships in Alabama, Florida, Georgia, North Carolina and South Carolina. World Omni Financial Corp. has provided financial services to Toyota dealers in the Five-State Area since 1982, operating under the Southeast Toyota Finance name since 1996.
The pool is comprised of 47,331 fixed rate retail installment sale contracts used to finance new and used automobiles and light-duty trucks. The weighted average APR of the loans is 3.97% and the weighted average original term of the loans in 68 months; the weighted average remaining term of the loans is 62 months.
The weighted average FICO score of the loans included in the pool is 727.