California Republic Bancorp in Irvine has securitized $380 million of its prime auto loans.
The $1.6 billion-asset company issued six note classes that were sold in a private placement to institutional buyers. California Republic will receive an annual 1% fee to service the underlying receivables of the notes. The company also sold all of its remaining residual interest in the receivables.
California Republic did not indicate how it will use the proceeds.
The securitization was California Republic's eleventh such deal. It has issued more than $3.3 billion of auto-backed securities to date.
Credit Suisse and JPMorgan Chase were lead financial advisers. Sidley Austin was legal counsel.