mpletes $375 Million Asset-Backed Securitization, Upsize from Initial $300 Million Target Issuance
Summary
NEW YORK, August 18, 2022 Octane\xae (Octane Lending Inc.\xae), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $375 million securitization (OCTL 2022-2) collateralized by its fixed-rate installment powersports loans. J.P. Morgan acted as lead bookrunner and structuring agent, with Credit Suisse and Truist Securities as joint bookrunners.Steven Fernald, Chief Financial Officer at Octane, said: Our ability to attract and retain such a diverse mix of institutional investor partners is particularly notable in the current market environment. We are grateful for their continued support, which also better positions us to connect people with their passions and make buying better through our revolutionary, end-to-end digital experience.This issuance follows a period of consistent, strong performance for Octane. The company overcame inventory constraints and other headwinds to solidify its position as one of the top three non-captive lenders in the industry. Over the same period, Octane entered two new markets, tractors and trailers, signed new OEM partnerships, and launched new products to increase the speed and ease of buying.Octanes first asset-backed securitization of 2022, OCTL 2022-1, a $375 million transaction which closed in May, also received a AAA-rating from KBRA and was upsized from an initial $275 million target issuance.