Reuters
Capital One plans to offer $1 bln car loan notes
Tuesday September 9, 11:29 am ET
NEW YORK, Sept 9 (Reuters) - Capital One Financial Corp.
(NYSE:COF - News) plans to price mid-week nearly $1 billion in
asset-backed securities supported by car loans it made, market
sources said on Tuesday.
Banc of America Securities (News - Websites) LLC and Barclays Capital are
jointly heading the deal's underwriting team that includes
Credit Suisse First Boston, Deutsche Bank Securities, J.P.
Morgan Securities, Lehman Brothers and Wachovia Securities.
This is the week's second securitization for the consumer
finance giant based in Falls Church, Virginia. Capital One has
begun marketing a $150 million credit card deal on Monday
The following are the early terms and conditions of the
"Capital One Prime Auto Receivables 2003-2" (subject to
change):
*****
Class A1
Issue Amount $216 mln
Average Life 0.39 year
Spread Benchmark Interpolated Libor
Ratings P1 (Moody's), A1-plus (S&P)
F1-plus (Fitch)
*****
Class A2
Issue Amount $228 mln
Average Life 1.05 years
Spread Benchmark eurodollar futures
Ratings Aaa (Moody's), AAA (S&P/Fitch)
*****
Class A3
Issue Amount $303 mln
Average Life 2 years
Spread Benchmark 1-month Libor
Ratings Aaa (Moody's), AAA (S&P/Fitch)
*****
Class A4
Issue Amount $203.5 mln
Average Life 3.27 years
Spread Benchmark Interpolated swaps
Ratings Aaa (Moody's), AAA (S&P/Fitch)
*****
Class B
Issue Amount $22.5 mln
Average Life 1.8 years
Spread Benchmark eurodollar futures
Ratings A3 (Moody's), A (S&P/Fitch)
*****
Settlement Date Sept 23, 2003
ERISA Eligibility Yes |
