{"id":5571,"date":"2022-08-18T09:00:47","date_gmt":"2022-08-18T09:00:47","guid":{"rendered":"https:\/\/octane.co\/o\/?p=5571"},"modified":"2023-05-12T17:39:53","modified_gmt":"2023-05-12T17:39:53","slug":"375-million-asset-backed-securitization-upsize-from-initial-300-million-target-issuance","status":"publish","type":"post","link":"https:\/\/octane.co\/o\/375-million-asset-backed-securitization-upsize-from-initial-300-million-target-issuance\/","title":{"rendered":"Octane Completes $375 Million Asset-Backed Securitization, Upsize from\u00a0Initial $300 Million Target Issuance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5571\" class=\"elementor elementor-5571\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f3dcf74 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f3dcf74\" 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-a6aabd0\" data-id=\"a6aabd0\" 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-c6c5cf2 elementor-widget elementor-widget-text-editor\" data-id=\"c6c5cf2\" 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><span style=\"font-weight: 400;\">Continued Momentum with Second AAA-Rated Securitization of 2022 Following Strong Business Performance<\/span><\/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-b8519bb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b8519bb\" 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-6e28522\" data-id=\"6e28522\" 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-3fc75a2 elementor-widget elementor-widget-text-editor\" data-id=\"3fc75a2\" 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><span style=\"font-weight: 400;\">NEW YORK, August 18, 2022 \u2014 <\/span><a href=\"http:\/\/www.octane.co\"><span style=\"font-weight: 400;\">Octane<\/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 2022-2\u201c) collateralized by its fixed-rate installment powersports loans. This transaction, Octane\u2019s second securitization of 2022 and sixth since launching the program in December 2019, follows a period of <\/span><a href=\"https:\/\/octane.co\/o\/significant-milestones-to-transform-ecommerce\/\"><span style=\"font-weight: 400;\">record-breaking success<\/span><\/a><span style=\"font-weight: 400;\"> for the company.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">OCTL 2022-2 issued four classes of fixed-rate notes: Class A, Class B, Class C and Class D, which Kroll Bond Rating Agency (KBRA)* and Standard &amp; Poor\u2019s (S&amp;P)** rated as AAA\/AA(sf), AA\/AA-(sf), A\/A(sf), and BBB\/BBB(sf), respectively in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Through this issuance, the company continued to diversify its investor base with new investors, which is a testament to the strength and growth of the program. Additionally, due to significant investor demand, Octane was able to secure an upsize of the transaction from an initial target issuance of $300 million to $375 million in notes. J.P. Morgan acted as lead bookrunner and structuring agent, with Credit Suisse and Truist Securities as joint bookrunners.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Steven Fernald, Chief Financial Officer at Octane, said: \u201cOur ability to attract and retain such a diverse mix of institutional investor partners is particularly notable in the current market environment. We are grateful for their continued support, which also better positions us to connect people with their passions and make buying better through our revolutionary, end-to-end digital experience.\u201d&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This issuance follows a period of consistent, strong performance for Octane. The company overcame inventory constraints and other headwinds to solidify its position as one of the top three non-captive lenders in the industry. During the first half of 2022, it increased originations by 67% year over year through its in-house lender <\/span><a href=\"https:\/\/www.roadrunnerfinancial.com\/\"><span style=\"font-weight: 400;\">Roadrunner Financial, Inc<\/span><\/a><span style=\"font-weight: 400;\">., and increased fundings in its consumer channel by 80% year over year. Over the same period, Octane 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;\">, signed new OEM partnerships, and launched <\/span><span style=\"font-weight: 400;\">new products to increase the speed and ease of buying.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Octane\u2019s first asset-backed securitization of 2022, OCTL 2022-1, a <\/span><a href=\"https:\/\/octane.co\/o\/375-million-asset-backed-securitization-completed\/\"><span style=\"font-weight: 400;\">$375 million transaction<\/span><\/a><span style=\"font-weight: 400;\"> which closed in May, also received a AAA-rating from KBRA and was upsized from an initial $275 million target issuance. The company has completed nearly $1.9 billion of asset-backed securitizations to-date.<\/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\/search\/transactions?page=1&amp;q=octane\"><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\/search-result\/searchType\/Entity\/searchTerm\/octane\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/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-b3f9978 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"b3f9978\" 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-c13b3be elementor-widget elementor-widget-text-editor\" data-id=\"c13b3be\" 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>Continued Momentum with Second AAA-Rated Securitization of 2022 Following Strong Business Performance NEW YORK, August 18, 2022 \u2014 Octane\u00ae (Octane Lending Inc.\u00ae), the fintech revolutionizing the buying experience for major<\/p>\n<div><a href=\"https:\/\/octane.co\/o\/375-million-asset-backed-securitization-upsize-from-initial-300-million-target-issuance\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":14,"featured_media":5617,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34],"tags":[60,54,53,52],"class_list":["post-5571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press","tag-60","tag-asset-backed-securitization","tag-investor-relations","tag-recent-press"],"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\u00a0Initial $300 Million Target Issuance | Octane<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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