California Republic Bancorp (CRPB) in Newport Beach, Calif., has completed a securitization of nearly $183 million of prime indirect automobile loans.
The $593 million-asset company sold the notes to qualified institutional buyers in a private offering.
California Republic also sold all of its remaining residual interests in the securitized receivables through a private placement of the underlying ownership certificates, the company said in a press release Thursday. It will continue to service the underlying receivables on behalf of those who hold the notes and certificates.
Credit Suisse was the structuring agent and the sole bookrunner for the transaction; Mitchell Silberberg & Knupp was the issuer’s counsel.