NEW YORK, July 21 (Reuters) - DaimlerChrysler AG plans to offer $1.5 billion in asset-backed securities supported by car loans, a source close to the deal said on Wednesday.
Citigroup, J.P. Morgan Securities and Morgan Stanley are the deal's joint lead underwriters. Banc of America Securities LLC, Barclays Capital, Deutsche Bank Securities and Bear Sterns are the co-managers, the source said.
The following are terms and conditions of "DaimlerChrysler 2004-B":
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Class A1 (Rule 144a, money market class)
Issue Amount $380 million
Average Life 0.31 year
Spread Benchmark 4-month Libor
Ratings P1 (Moody's), A1-plus (S&P)
F1-plus (Fitch)
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Class A2
Issue Amount $375 million
Average Life 1 year
Price Spread eurodollar futures + 4 bps
Price Guidance eurodollar futures + 5 bps area
Ratings Aaa (Moody's), AAA (S&P/Fitch)
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Class A3
Issue Amount $480 million
Average Life 2.05 years
Price Spread Interpolated swaps + 5 bps
Price Guidance Interpolated swaps + 5 bps area
Ratings Aaa (Moody's), AAA (S&P/Fitch)
*****
Class A4
Issue Amount $220 million
Average Life 3.18 years
Price Spread Interpolated swaps + 8 bps
Price Guidance Interpolated swaps + 8 bps area
Ratings Aaa (Moody's) AAA (S&P/Fitch)
*****
Class B
Issue Amount $45 million
Average Life 3.36 years
Price Spread Interpolated swaps + 20 bps
Ratings A2 (Moody's), A (S&P, Fitch)
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Settlement Date July 30, 2004