{"id":6152,"date":"2023-10-05T09:15:00","date_gmt":"2023-10-05T09:15:00","guid":{"rendered":"https:\/\/octane.co\/o\/?p=6152"},"modified":"2024-03-05T14:26:29","modified_gmt":"2024-03-05T14:26:29","slug":"2023-380-million-asset-backed-securitization","status":"publish","type":"post","link":"https:\/\/octane.co\/o\/2023-380-million-asset-backed-securitization\/","title":{"rendered":"Octane Completes $380 Million Asset-Backed Securitization"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6152\" class=\"elementor elementor-6152\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dd836a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dd836a3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ee4d23\" data-id=\"5ee4d23\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-af52665 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"af52665\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d2e7964\" data-id=\"d2e7964\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c60f9b5 elementor-widget elementor-widget-image\" data-id=\"c60f9b5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".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\/10\/230925_SOC_Securitization-OCTL-3-2023-2-1024x1024.jpg\" class=\"attachment-large size-large wp-image-6153\" alt=\"\" srcset=\"http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-1024x1024.jpg 1024w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-300x300.jpg 300w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-150x150.jpg 150w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-768x768.jpg 768w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-700x700.jpg 700w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-1160x1160.jpg 1160w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-50x50.jpg 50w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-650x650.jpg 650w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-1000x1000.jpg 1000w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-75x75.jpg 75w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-750x750.jpg 750w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2-1140x1140.jpg 1140w, http:\/\/octane.co\/o\/wp-content\/uploads\/2023\/10\/230925_SOC_Securitization-OCTL-3-2023-2.jpg 1200w\" 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-inner-column elementor-element elementor-element-e444053\" data-id=\"e444053\" 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-e6f9b87 elementor-widget elementor-widget-text-editor\" data-id=\"e6f9b87\" 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>Third Issuance and AAA-Rating of 2023<\/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\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-ac39295 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ac39295\" 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-e6bad88\" data-id=\"e6bad88\" 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-a172c5e elementor-widget elementor-widget-text-editor\" data-id=\"a172c5e\" 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, October 5, 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 $380 million securitization (\u201cOCTL 2023-3\u201c) collateralized by its fixed-rate installment powersports and recreational vehicle 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. This transaction is Octane\u2019s ninth since launching the program in December 2019 and third of 2023. The company has completed more than $3 billion of asset-backed securitizations to date.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">OCTL 2023-3 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.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">J.P. Morgan Securities acted as lead manager and structuring agent, with Truist Securities, ATLAS SP Partners, and Mizuho Americas serving as joint bookrunners. Despite a record amount of primary new issuance volume in the ABS market during the month of September, Octane saw strong demand for its paper, which allowed the banking syndicate to price at or inside of guidance.\u00a0 Additionally, Octane continued to diversify its investor base while also maintaining the support of existing institutional investors.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">\u201cAs we build on Octane\u2019s strong capital markets program, a competitive advantage, we\u2019re grateful for the support of our esteemed institutional investor partners,\u201d said Steven Fernald, Chief Financial Officer at Octane. \u201cThis successful transaction will help fuel our continued growth as we connect people with their passions and make buying better.\u201d<\/span><\/p><p><span style=\"font-weight: 400;\">The senior class of notes in Octane\u2019s first two asset-backed securitizations 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;\"> and <\/span><a href=\"https:\/\/octane.co\/o\/400-million-asset-backed-securitization-upsize-from-initial-300-million-target-issuance\/\"><span style=\"font-weight: 400;\">OCTL 2023-2<\/span><\/a><span style=\"font-weight: 400;\">, were also rated AAA by both S&amp;P* and KBRA**. In July of 2023, S&amp;P raised its ratings on eight classes of notes and affirmed its ratings on three classes of notes across three issuances.* In May of 2023, KBRA upgraded 14 classes of notes and affirmed seven classes across multiple issuances.**<\/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\/707397\/issueId\/1770885\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for OCTL 2023-3, <\/span><a href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/instrument-details\/sectorCode\/STRUC%20-%20ABS\/entityId\/705951\/issueId\/1757505\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for OCTL 2023-2, <\/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:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/3018339\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for the recent upgrades and affirmations.<\/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\/publications\/yTbyPjNV\/octane-receivables-trust-2023-3-new-issue-report\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for OCTL 2023-3, <\/span><a href=\"https:\/\/www.kbra.com\/publications\/TXkcmKDM\/octane-receivables-trust-2023-2-new-issue-report\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for OCTL 2023-2, <\/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:\/\/www.kbra.com\/publications\/RbdwSyhj\/octane-receivables-trust-comprehensive-surveillance-report\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> for the recent upgrades and affirmations.<\/span><\/p><p><b>###<\/b><\/p><p><em>This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument. <\/em><i data-stringify-type=\"italic\">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.<\/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<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Third Issuance and AAA-Rating of 2023 NEW YORK, October 5, 2023 \u2014 Octane\u00ae (Octane Lending, Inc.\u00ae), the fintech revolutionizing the buying experience for major recreational purchases, announced that it has<\/p>\n<div><a href=\"https:\/\/octane.co\/o\/2023-380-million-asset-backed-securitization\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":25,"featured_media":6153,"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-6152","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 $380 Million Asset-Backed Securitization | Octane<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/octane.co\/o\/2023-380-million-asset-backed-securitization\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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