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Exeter Finance Completes $200 Million Securitization

March 06, 2012

IRVING, Texas – Exeter Finance Corp. announced last week the completion of its first rated term securitization, issuing $200 million in notes backed by subprime automobile installment receivables.

The notes were purchased by qualified institutional buyers and accredited investors in a private placement offering, according to the company.

The four note classes carried ratings ranging from AAA/AA through BB/BB from DBRS and Standard & Poor's, respectively. The weighted average coupon was 3.7 percent. Wells Fargo Securities and Deutsche Bank Securities acted as lead managers, and Citigroup and Credit Suisse acted as co-managers.

Exeter uses a decentralized underwriting process carried out at local branches and controlled through centralized credit policies and a custom scoring model, according to the company. It currently manages a portfolio of more than $300 million.

“We’re very pleased with the amount of interest we received on our inaugural transaction and look forward to becoming a regular issuer as we continue to build out our platform,” said Mark Floyd, Exeter CEO. “Our banking partners did an outstanding job taking the Exeter story to the market, as evidenced by the level of participation we had in the transaction.”

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