(Adds details, table)
NEW YORK, July 22 (Reuters) - Ford Motor Credit, a unit of Ford Motor Co. , on Thursday priced $3 billion in asset-backed securities supported by loans made to car dealers to finance their inventory, a person close to the deal said.
The deal was jointly led by Citigroup, Merrill Lynch and Morgan Stanley, while the co-managers were HSBC, Lehman Brothers, and UBS, the source said.
The deal size was increased from $2 billion due to heavy demand, the person said.
The following are the terms and conditions of "Ford Credit Floorplan 2004-1":
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Class A
Issue Amount $2,904.5 million
(originally $1,936.34 million)
Average Life 2.96 years
Price Spread 1-month Libor + 4 bps
Price Guidance 1-month Libor + 4 bps area
Ratings Aaa (Moody's), AAA (S&P, Fitch)
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Class B
Issue Amount $95.5 million
(original $63.66 million)
Average Life 2.96 years
Price Spread 1-month Libor + 22 bps
Price Guidance 1-month Libor + 25 bps area
Ratings A1 (Moody's), A (S&P/Fitch)
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