California Republic Bancorp in Irvine has securitized and sold $390 million in notes backed by prime automobile loans.
The $1.3 billion-asset company issued six note classes and the notes were sold in a public offering. 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 Bank has issued a total of nine auto-loan securitizations in its history, totaling $2.5 billion.
"In 2015 we expect to execute progressively larger securitizations each quarter," President John DeCero said in a news release.
Credit Suisse Securities was underwriter, sole bookrunner and placement agent on the offering. Mitchell Silberberg & Knupp was legal counsel.