{"id":5981,"date":"2023-06-01T09:00:34","date_gmt":"2023-06-01T09:00:34","guid":{"rendered":"https:\/\/octane.co\/o\/?p=5981"},"modified":"2024-03-25T15:29:29","modified_gmt":"2024-03-25T15:29:29","slug":"400-million-asset-backed-securitization-upsize-from-initial-300-million-target-issuance","status":"publish","type":"post","link":"https:\/\/octane.co\/o\/400-million-asset-backed-securitization-upsize-from-initial-300-million-target-issuance\/","title":{"rendered":"<strong>Octane Completes $400 Million Asset-Backed Securitization, Upsize from Initial $300 Million Target Issuance<\/strong>"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5981\" class=\"elementor elementor-5981\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-17d952e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"17d952e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-d7cbf53\" data-id=\"d7cbf53\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b854800 elementor-widget elementor-widget-image\" data-id=\"b854800\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-1024x1024.jpg\" class=\"attachment-large size-large wp-image-5982\" alt=\"\" srcset=\"http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-1024x1024.jpg 1024w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-300x300.jpg 300w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-150x150.jpg 150w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-768x768.jpg 768w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-1536x1536.jpg 1536w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-2048x2048.jpg 2048w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-700x700.jpg 700w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-1160x1160.jpg 1160w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-50x50.jpg 50w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-650x650.jpg 650w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-1000x1000.jpg 1000w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-75x75.jpg 75w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-750x750.jpg 750w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/05\/230523_SOC_SecuritizationPressRelease-1140x1140.jpg 1140w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\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<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5b38f73\" data-id=\"5b38f73\" 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-57983d6 elementor-widget elementor-widget-text-editor\" data-id=\"57983d6\" 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;\">Second<\/span><span style=\"font-weight: 400;\"> AAA-Rating of 2023 Follows Period of Innovation and Continued Momentum<\/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-875b30c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"875b30c\" 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-7f3e05e\" data-id=\"7f3e05e\" 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-5773f95 elementor-widget elementor-widget-text-editor\" data-id=\"5773f95\" 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, June 1, 2023 \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 $400 million securitization (\u201cOCTL 2023-2\u201c) collateralized by its fixed-rate installment powersports loans issued through its in-house lender, <\/span><a href=\"https:\/\/www.roadrunnerfinancial.com\/\"><span style=\"font-weight: 400;\">Roadrunner Financial<\/span><\/a><span style=\"font-weight: 400;\">\u00ae, Inc.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">OCTL 2023-2 issued six classes of fixed-rate notes: Class A-1, Class A-2, Class B, Class C, Class D, and Class E, which Standard &amp; Poor\u2019s (S&amp;P)* and Kroll Bond Rating Agency (KBRA)** rated as A-1+\/K1+, AAA\/AAA, AA+\/AA+, A\/A, BBB\/BBB, and BB\/BB respectively, in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. The senior class of notes in Octane\u2019s first asset-backed securitization of 2023, <\/span><a href=\"https:\/\/octane.co\/o\/407-million-asset-backed-securitization-upsize-from-initial-305-million-target-issuance\/\"><span style=\"font-weight: 400;\">OCTL 2023-1<\/span><\/a><span style=\"font-weight: 400;\">, was also rated AAA by both S&amp;P* and KBRA**.<\/span><\/p><p><span style=\"font-weight: 400;\">Due to significant investor demand, Octane was able to secure an upsize of $400 million for the transaction from an initial target issuance of $300 million. The company continued to diversify its investor base by attracting several new investors through this issuance, while also maintaining the support of existing institutional investors. ATLAS SP Partners acted as lead manager and structuring agent, with J.P. Morgan and Truist Securities serving as joint bookrunners. This marks Octane\u2019s eighth transaction to date.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u201cOur capital markets strategy continues to be a differentiator for Octane and our successful securitization program is a testament to the underlying strength of our business,\u201d said Steven Fernald, Chief Financial Officer at Octane. \u201cWe\u2019re grateful to our institutional investor partners for their support as we connect people with their passions and make buying better.\u201d<\/span><\/p><p><span style=\"font-weight: 400;\">\u201cOctane\u2019s end-to-end buying experience has fundamentally changed the way individuals can make lifestyle purchases, and we\u2019re thrilled to have supported the company on its revolutionary securitization program,\u201d said Thomas Pai, Head of Auto \/ Equipment Origination at ATLAS SP Partners. \u201cWe look forward to continuing to work with the team at Octane as it continues to innovate to capitalize on strong investor and consumer demand.\u201d<\/span><\/p><p><span style=\"font-weight: 400;\">This transaction follows a period of innovation for Octane. The company recently launched its newest <\/span><a href=\"https:\/\/octane.co\/o\/prequal\/\"><span style=\"font-weight: 400;\">digital soft pull tool<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/octane.co\/o\/prequal-flex-soft-pull-prequalification-tool\/\"><span style=\"font-weight: 400;\">Prequal Flex<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/octane.co\/o\/introducing-advertising-on-renowned-octane-media-properties\/\"><span style=\"font-weight: 400;\">introduced advertising<\/span><\/a><span style=\"font-weight: 400;\"> on its renowned <\/span><a href=\"https:\/\/octanemedia.co\/\"><span style=\"font-weight: 400;\">Octane Media<\/span><\/a><span style=\"font-weight: 400;\">\u2122 properties, which include <\/span><a href=\"https:\/\/www.cycleworld.com\/\"><i><span style=\"font-weight: 400;\">Cycle World<\/span><\/i><\/a><span style=\"font-weight: 400;\">\u00ae and <\/span><a href=\"https:\/\/www.utvdriver.com\/\"><i><span style=\"font-weight: 400;\">UTV Driver<\/span><\/i><\/a><span style=\"font-weight: 400;\">\u00ae, and rolled out a unique <\/span><a href=\"https:\/\/octane.co\/o\/launch-of-octane-preferred-b2b-loyalty-program\/\"><span style=\"font-weight: 400;\">business-to-business (B2B) loyalty program<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/octane.co\/o\/preferred-program\/\"><span style=\"font-weight: 400;\">Octane Preferred<\/span><\/a><span style=\"font-weight: 400;\">, to its over 4,000 powersports dealer partners nationwide.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Octane has completed over $2.6 billion of asset-backed securitizations since launching the program in December 2019.\u00a0<\/span><\/p><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><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 spglobal.com and can be accessed <\/span><a href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/instrument-details\/sectorCode\/STRUC%20-%20ABS\/entityId\/703625\/issueId\/1746313\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for OCTL 2023-1 and <\/span><a href=\"https:\/\/login.spglobal.com\/oam\/server\/obrareq.cgi\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for OCTL 2023-2.<\/span><\/p><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\/transactions\/6696\/ratings\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for OCTL 2023-1 and <\/span><a href=\"https:\/\/login.kbra.com\/login?state=hKFo2SBoaV9VV2JzVDJPeFg5XzgwQ29TSGRTMTRmcWpzOGZzSaFupWxvZ2luo3RpZNkgaEQwMlN4QlVzOEh5X1lBaFFjbndITGgzNnh1bUtNZkGjY2lk2SBzeHducEx6V1FWeVhLUTRvUmVUbktIRDY0VW8xcmdFMQ&amp;client=sxwnpLzWQVyXKQ4oReTnKHD64Uo1rgE1&amp;protocol=oauth2&amp;audience=kbra-com-services&amp;scope=openid%20profile%20email%20offline_access&amp;response_type=code&amp;redirect_uri=https%3A%2F%2Fwww.kbra.com%2Fauth%2Fcallback\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for OCTL 2023-2.<\/span><\/p><p><span style=\"font-weight: 400;\">This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument.<\/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-1370c41 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1370c41\" 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-71da3ac\" data-id=\"71da3ac\" 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-6c13361 elementor-widget elementor-widget-text-editor\" data-id=\"6c13361\" 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 data-pm-slice=\"1 1 []\"><em>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.<\/em><\/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>Second AAA-Rating of 2023 Follows Period of Innovation and Continued Momentum NEW YORK, June 1, 2023 \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\/400-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":25,"featured_media":5982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34],"tags":[61,54,53,52],"class_list":["post-5981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press","tag-61","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 $400 Million Asset-Backed Securitization, Upsize from Initial $300 Million Target Issuance | Octane<\/title>\n<meta name=\"description\" content=\"Octane closed its eighth asset-backed securitization. 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