California Republic Bancorp (OTCBB:CRPB), today announced that its wholly-owned subsidiary, California Republic Bank, successfully completed a prime automobile securitization in which $238 million in notes backed by California Republic’s automobile loans were sold to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act.
The securitization structure included four note classes issued by the securitization trust created by the Bank as follows:
|Class||Size||Coupon||Ratings (sf) (1)|
(1) Ratings from Moody’s and DBRS, respectively.
The Bank also announced that it sold all remaining residual interests in the securitized receivables through a sale of the underlying ownership certificates of the securitization trust through a private placement transaction. California Republic Bank will receive a 1% servicing fee and continue to service the underlying receivables on behalf of the noteholders and certificateholders for the life of the contracts.