NEW YORK, June 24 (Reuters) - World Omni Financial Corp., a auto finance company, priced on Thursday $840 million in asset-backed securities supported by loans it made, a source familiar with the deal said.
Banc of America Securities LLC and Wachovia Securities jointly headed the deal's underwriting team that include Barclays Capital, Credit Suisse First Boston and Merill Lynch, the source said.
World Omni is a part of JM Family Enterprises Inc., the 13th biggest privately held company. World Omni makes loans to car dealers to fund inventories and other operations.
The following are the terms and conditions of "World Omni Auto Receivables Trust (WOART) 2004-A":
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Class A-1
Issue Amount $178 mln
Average Life 0.31 year
Price Spread 4-month Libor minus 1 bp
Ratings P1 (Moody's), A1-plus (S&P/Fitch)
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Class A-2
Issue Amount $232 mln
Average Life 1.1 years
Price Spread eurodollar futures + 7 bps
Ratings Aaa (Moody's), AAA (S&P/Fitch)
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Class A-3
Issue Amount $212 mln
Average Life 2.2 years
Price Spread Interpolated swaps + 9 bps
Ratings Aaa (Moody's), AAA (S&P/Fitch)
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Class A-4
Issue Amount $181.9 mln
Average Life 3.46 years
Price Spread Interpolated swaps + 18 bps
Ratings Aaa (Moody's), AAA (S&P/Fitch)
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Class B
Issue Amount $36.1 mln
Average Life 2.16 years
Price Spread Interpolated swaps + 45 bps
Ratings A3 (Moody's), AAA (S&P/Fitch)
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Expected Settlement July 8, 2004