{"id":5429,"date":"2022-05-12T09:00:54","date_gmt":"2022-05-12T09:00:54","guid":{"rendered":"https:\/\/octane.co\/o\/?p=5429"},"modified":"2024-03-25T15:41:12","modified_gmt":"2024-03-25T15:41:12","slug":"375-million-asset-backed-securitization-completed","status":"publish","type":"post","link":"https:\/\/octane.co\/o\/375-million-asset-backed-securitization-completed\/","title":{"rendered":"Octane Completes $375 Million Asset-Backed Securitization, Upsize from Initial $275 Million Target Issuance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5429\" class=\"elementor elementor-5429\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-acb422e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"acb422e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6c696fd\" data-id=\"6c696fd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dfcaba3 elementor-widget elementor-widget-text-editor\" data-id=\"dfcaba3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><i><span style=\"font-weight: 400;\">AAA Rating Testament to the Company\u2019s Underwriting and Consistent Business Performance\u00a0<\/span><\/i><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-391fd94d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"391fd94d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7da05f99\" data-id=\"7da05f99\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7315b2df elementor-widget elementor-widget-text-editor\" data-id=\"7315b2df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p><span style=\"font-weight: 400;\">NEW YORK, May 12, 2022 \u2014 <\/span><a href=\"http:\/\/www.octane.co\"><span style=\"font-weight: 400;\">Octan<\/span><span style=\"font-weight: 400;\">e<\/span><\/a><span style=\"font-weight: 400;\">\u00ae<\/span><span style=\"font-weight: 400;\"> (Octane Lending Inc.<\/span><span style=\"font-weight: 400;\">\u00ae<\/span><span style=\"font-weight: 400;\">), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has closed a $375 million securitization (\u201cOCTL 2022-1\u201c) collateralized by its fixed-rate installment powersports and outdoor power equipment loans. This transaction follows a period of sustained growth and marks the company\u2019s fifth securitization since launching the program in December 2019.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OCTL 2022-1 issued one money market eligible tranche, the Class A-1 notes, and five longer-term fixed-rate tranches, including the Class A-2, B, C, D, and E notes, all of which Kroll Bond Rating Agency (KBRA)* and Standard &amp; Poor\u2019s (S&amp;P)** rated as K1+(sf)\/NR, AAA(sf)\/AA(sf), AA(sf)\/AA-(sf), A(sf)\/A(sf), BBB(sf)\/BBB(sf), and BB+(sf)\/BB+(sf), respectively in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. Additionally, Octane was able to secure an upsize of the transaction from an initial target issuance of $275 million to $375 million in notes, making this issuance Octane\u2019s largest asset-backed securitization transaction to date. J.P. Morgan acted as lead bookrunner and structuring agent, with Credit Suisse and Truist Securities as joint bookrunners.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe AAA rating and our ability to attract such notable institutional investment partners showcase the strength and resilience of our business, particularly within today\u2019s volatile market environment,\u201d said Steven Fernald, Chief Financial Officer at Octane. \u201cWe are now even better positioned to continue our growth as we connect people with their passions and make buying fast, easy, and accessible.\u201d&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This issuance comes during a period of sustained success for the company. During the first few months of 2022, Octane showed strong momentum in originations; significantly expanded its breadth of dealer partners; entered two new markets, <\/span><a href=\"https:\/\/octane.co\/o\/second-new-market-for-octane-in-2022\/\"><span style=\"font-weight: 400;\">tractors<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/octane.co\/o\/trailer-market-entry-for-octane\/\"><span style=\"font-weight: 400;\">trailers<\/span><\/a><span style=\"font-weight: 400;\">; and launched its&nbsp;<\/span><a href=\"https:\/\/octane.co\/o\/polaris-and-octane\/\" target=\"_blank\">partnership with Polaris<\/a><span style=\"font-weight: 400;\">. The company closed 2021 GAAP net income positive.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">*KBRA\u2019s ratings are subject to all of the terms and conditions set forth in the related report and KBRA\u2019s website, which you should review and understand, and can be accessed <\/span><a href=\"https:\/\/www.kbra.com\/documents\/report\/65686\/octane-receivables-trust-2022-1-new-issue-report\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">**The full analysis for S&amp;P\u2019s ratings, including any updates, which you should review and understand, is available on standardandpoors.com and can be accessed <\/span><a href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/2834507\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57f6a8e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"57f6a8e\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-divider{--divider-border-style:none;--divider-border-width:1px;--divider-color:#0c0d0e;--divider-icon-size:20px;--divider-element-spacing:10px;--divider-pattern-height:24px;--divider-pattern-size:20px;--divider-pattern-url:none;--divider-pattern-repeat:repeat-x}.elementor-widget-divider .elementor-divider{display:flex}.elementor-widget-divider .elementor-divider__text{font-size:15px;line-height:1;max-width:95%}.elementor-widget-divider .elementor-divider__element{margin:0 var(--divider-element-spacing);flex-shrink:0}.elementor-widget-divider .elementor-icon{font-size:var(--divider-icon-size)}.elementor-widget-divider .elementor-divider-separator{display:flex;margin:0;direction:ltr}.elementor-widget-divider--view-line_icon .elementor-divider-separator,.elementor-widget-divider--view-line_text .elementor-divider-separator{align-items:center}.elementor-widget-divider--view-line_icon .elementor-divider-separator:after,.elementor-widget-divider--view-line_icon .elementor-divider-separator:before,.elementor-widget-divider--view-line_text .elementor-divider-separator:after,.elementor-widget-divider--view-line_text .elementor-divider-separator:before{display:block;content:\"\";border-block-end:0;flex-grow:1;border-block-start:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--element-align-left .elementor-divider .elementor-divider-separator>.elementor-divider__svg:first-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-left .elementor-divider-separator:before{content:none}.elementor-widget-divider--element-align-left .elementor-divider__element{margin-left:0}.elementor-widget-divider--element-align-right .elementor-divider .elementor-divider-separator>.elementor-divider__svg:last-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-right .elementor-divider-separator:after{content:none}.elementor-widget-divider--element-align-right .elementor-divider__element{margin-right:0}.elementor-widget-divider--element-align-start .elementor-divider .elementor-divider-separator>.elementor-divider__svg:first-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-start .elementor-divider-separator:before{content:none}.elementor-widget-divider--element-align-start .elementor-divider__element{margin-inline-start:0}.elementor-widget-divider--element-align-end .elementor-divider .elementor-divider-separator>.elementor-divider__svg:last-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-end .elementor-divider-separator:after{content:none}.elementor-widget-divider--element-align-end .elementor-divider__element{margin-inline-end:0}.elementor-widget-divider:not(.elementor-widget-divider--view-line_text):not(.elementor-widget-divider--view-line_icon) .elementor-divider-separator{border-block-start:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--separator-type-pattern{--divider-border-style:none}.elementor-widget-divider--separator-type-pattern.elementor-widget-divider--view-line .elementor-divider-separator,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:after,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:before,.elementor-widget-divider--separator-type-pattern:not([class*=elementor-widget-divider--view]) .elementor-divider-separator{width:100%;min-height:var(--divider-pattern-height);-webkit-mask-size:var(--divider-pattern-size) 100%;mask-size:var(--divider-pattern-size) 100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83c9d4c elementor-widget elementor-widget-text-editor\" data-id=\"83c9d4c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Our website is for informational purposes only. We do not guarantee the accuracy or completeness of information on or available through this website, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. Please read any applicable disclosures before using or relying on information on or available through this website. Seek professional advice before investing in our securities.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>AAA Rating Testament to the Company\u2019s Underwriting and Consistent Business Performance\u00a0 NEW YORK, May 12, 2022 \u2014 Octane\u00ae (Octane Lending Inc.\u00ae), the fintech revolutionizing the buying experience for major recreational<\/p>\n<div><a href=\"https:\/\/octane.co\/o\/375-million-asset-backed-securitization-completed\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":14,"featured_media":5699,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34,1],"tags":[60],"class_list":["post-5429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press","category-uncategorized","tag-60"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.3 (Yoast SEO v23.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Octane Completes $375 Million Asset-Backed Securitization, Upsize from Initial $275 Million Target Issuance | Octane<\/title>\n<meta name=\"description\" content=\"New York-based Fintech, Octane Lending, Inc, announced that it closed a AAA-rated, $375 asset-backed securitization. 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