Monday, November 25, 2024
Octane Lending recently tapped into a new milestone by completing its $326 million securitization (OCTL 2024-3), a press release said.
Roadrunner Financial, the in-house lender of Octane, issued fixed-rate installment Powersports loans as the collateral partner.
The recent securitization was the company’s 12th ABS transaction, press release read.
J.P. Morgan Securities hosted both roles of lead manager and structuring agent, while Atlas SP Securities, Mizuho, and Truist Securities contributed as joint bookrunners.
Over $4 billion in asset-backed securities (ABS) have been issued by the company since its launch in 2019.
Featured six classes in this securitization, along with each of its fixed-rate notes as follows:
Class A-1, $63.30 million: A-1+ (sf)
Class A-2, $185.92 million: AAA (sf)
Class B, $22.61 million: AA (sf)
Class C, $21.59 million: A (sf)
Class D, $22.44 million: BBB (sf)
Class E, $10.54 million: BB (sf)
With this move, Octane would attract a diversified investor base, driving to robust credit performance.
New market strategies like whole loan sales have been carried out by the company following two successful ABS this year.
