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Exeter Finance Corp. Announces $650 Million Securitization

IRVING, Texas, Jan. 29, 2014 /PRNewswire/ -- Exeter Finance Corp. (the Company) today announced that EFCAR, LLC, a special purpose Delaware limited liability company and wholly owned subsidiary of the Company, priced $650 million in aggregate principal amount Series 2014-1 automobile receivable backed notes, which will be issued in four separate tranches.

The class A notes were rated AAA/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 3.09%.  The notes have final scheduled distribution dates ranging from May 15, 2018 through December 15, 2020.

Upon closing of the transaction, the net proceeds from the sale of the Series 2014-1 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 February 6, 2014.

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

About Exeter Finance

Exeter Finance Corp. is a specialty auto finance company based in Irving, Texas. Exeter partners with franchised auto dealers throughout the country to make car ownership a reality for consumers. Building personal relationships and providing the highest level of service to dealers and customers have been key to the company's success since its founding in 2006. Please visit www.exeterfinance.com to learn more.

Additional Information

The Series 2014-1 automobile receivables backed notes have not and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.  This press release shall not constitute an offer to sell, nor the solicitation of an offer to sell the Series 2014-1 notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer or solicitation or sale is unlawful.

SOURCE Exeter Finance Corp.

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