Carvana Prices First Securitization Featured

By Staff Writer March 27, 2019 610

Carvana Co. has priced its first auto finance securitization.

The first quarter 2019 securitization is a private securitization in which Carvana expects to sell $350 million of principal balance of loans to a securitization trust and receive proceeds from the issuance and sale of rated notes, a strip security, and certificates. Following pricing, total proceeds, including cash and securities, are expected to be $365.4 million before fees and expenses.

The rated notes are seven classes of securities with expected ratings ranging from Aaa through B2 from Moody’s Investors Service Inc. and AAA through BB from Kroll Bond Rating Agency Inc. In total, the face value of the rated notes is expected to be $338.8 million.

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Last modified on Wednesday, 27 March 2019 01:35