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WFS Financial files for first-ever senior/sub deal

Published 1 Min Read

Subprime auto lender WFS Financial filed two shelf registrations last Tuesday with the Securities & Exchange Commission to sell $2.75 billion of auto loan-backed securities, including the preliminary step for the company to sell its first-ever senior/subordinated offering. The company rolled over $855 million of previously registered shelf availability.

No underwriters were named in the registration but WFS issues have been led by a syndicate of Banc of America Securities, Bear Stearns, Credit Suisse First Boston, Deutsche Banc Alex. Brown and Salomon Smith Barney dating back to its 1999-A issue.

WFS is an Irvine, Calif.-based used auto lender, with a 72% prime mix in its loan portfolio averaging a 641 FICO. WFS has issued 52 FSA-wrapped deals on a programmatic basis, totaling $21.37 billion in issues since its first foray in the ABS markets in December 1985, making it the fourth-leading securitizer of auto loans in U.S. markets.

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