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Exeter Finance Corp. Announces $500 Million Securitization

May 22, 2014

IRVING, Texas — Exeter Finance Corp. has announced that EFCAR LLC, a special purpose Delaware limited liability company and wholly owned subsidiary of Exeter, priced $500 million in aggregate principal amount Series 2014-2 automobile receivable backed notes, which will be issued in four separate tranches.

The class A notes were rated “AAA” and “AA” by DBRS and Standard & Poor’s, respectively, while the remaining three tranches were rated “A,” “BBB” and “BB” by both agencies. On a blended basis, the average annual coupon of the notes is approximately 2.64%. The notes have final scheduled distribution dates ranging from Aug. 15, 2018 through Dec. 15, 2020.

Upon closing of the transaction, the net proceeds from the sale of the Series 2014-2 notes will be applied to reduce borrowings outstanding under the company’s existing three-year, $1.075 billion warehouse financing facility. The offering is expected to close on May 28, 2014.

Citigroup and Wells Fargo Securities acted as joint bookrunners on the transaction, with Deutsche Bank Securities and Goldman, Sachs & Co. participating as co-managers.

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