California Republic Bank Announces Successful Completion Of A $238 Million Prime Automobile Securitization

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)
A1       $ 34.7       0.40 %       P-1/R1(H)
A2 $ 178.3 1.41 % Aa3/AA
B $ 11.9 2.24 % A2/A
C $ 13.1 3.25 % Baa3/BBB
Total $ 238.0

(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.

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