{"id":6462,"date":"2024-11-14T09:15:13","date_gmt":"2024-11-14T09:15:13","guid":{"rendered":"https:\/\/octane.co\/o\/?p=6462"},"modified":"2025-01-16T13:45:38","modified_gmt":"2025-01-16T13:45:38","slug":"completes-326-million-asset-backed-securitization-2024","status":"publish","type":"post","link":"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/","title":{"rendered":"Octane Completes $326 Million Asset-Backed Securitization"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6462\" class=\"elementor elementor-6462\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7579d55 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7579d55\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c706589\" data-id=\"c706589\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5518d9c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5518d9c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3542a34\" data-id=\"3542a34\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-49dd763 elementor-widget elementor-widget-image\" data-id=\"49dd763\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".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\/2024\/11\/image-31-1024x1024.png\" class=\"attachment-large size-large wp-image-6465\" alt=\"\" srcset=\"http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-1024x1024.png 1024w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-300x300.png 300w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-150x150.png 150w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-768x768.png 768w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-1536x1536.png 1536w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-2048x2048.png 2048w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-700x700.png 700w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-1160x1160.png 1160w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-50x50.png 50w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-650x650.png 650w, http:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-1000x1000.png 1000w\" 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-013f90c\" data-id=\"013f90c\" 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-054b466 elementor-widget elementor-widget-text-editor\" data-id=\"054b466\" 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;\">More than $4 Billion of Asset-Backed Securities Issued to Date<\/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\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-3c09a88 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3c09a88\" 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-7856871\" data-id=\"7856871\" 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-94a02db elementor-widget elementor-widget-text-editor\" data-id=\"94a02db\" 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, November 14, 2024 \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 $326 million securitization (\u201cOCTL 2024-3\u201c) collateralized by 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<\/span><span style=\"font-weight: 400;\">, Inc. Octane has issued more than $4 billion of asset-backed securities (ABS) since launching the program in December 2019. This is the company\u2019s 12th ABS transaction.<\/span><\/p>\n<p><\/p>\n<p><span style=\"font-weight: 400;\">OCTL 2024-3 consists of 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.&nbsp;<\/span><\/p>\n<p><\/p>\n<p><span style=\"font-weight: 400;\">J.P. Morgan Securities acted as lead manager and structuring agent, with Atlas SP Securities, Mizuho, and Truist Securities serving as joint bookrunners. In this latest ABS transaction, Octane continued to diversify its investor base while also maintaining the support of existing institutional investors.<\/span><\/p>\n<p><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThanks to the support of our esteemed institutional investors, Octane reached a significant milestone with this transaction &#8211; issuing over $4 billion of asset-backed securities in less than five years,\u201d said Steven Fernald, President and Chief Financial Officer at Octane. \u201cWe were pleased to see such high demand for our paper among both new and existing partners, which allowed our syndicate of banks to reduce credit spreads materially from their initial guidance through final pricing to our lowest levels since 2021. Our robust capital markets execution gives us even greater flexibility as we continue to grow our business while maintaining strong credit performance.\u201d<\/span><\/p>\n<p><\/p>\n<p><span style=\"font-weight: 400;\">In addition to completing two other asset-backed securitizations, <\/span><a href=\"https:\/\/octane.co\/o\/announcing-300-million-asset-backed-securitization\/\"><span style=\"font-weight: 400;\">OCTL 2024-1<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/octane.co\/o\/completes-365-million-asset-backed-securitization-2024\/\"><span style=\"font-weight: 400;\">OCTL 2024-2<\/span><\/a><span style=\"font-weight: 400;\">, Octane has diversified its <\/span><a href=\"https:\/\/investor.octane.co\/\"><span style=\"font-weight: 400;\">capital markets strategy<\/span><\/a><span style=\"font-weight: 400;\"> in 2024. Notable transactions include a <\/span><a href=\"https:\/\/octane.co\/o\/ab-carval-and-octane-announce-500-million-forward-flow-deal\/\"><span style=\"font-weight: 400;\">$500 million forward-flow deal<\/span><\/a><span style=\"font-weight: 400;\"> with funds managed by <\/span><a href=\"https:\/\/www.abcarval.com\/us\/en-us\/investors\/home.html?_gl=1*1jgedgq*_ga*Nzc3MTQ2MDEyLjE3Mjc0NTg3MjY.*_ga_0FCW95Z7XK*MTczMDIzNDczNS4xOS4xLjE3MzAyMzcxODQuNDcuMC4w\"><span style=\"font-weight: 400;\">AB CarVal<\/span><\/a><span style=\"font-weight: 400;\">, two separate whole loan sales totaling <\/span><a href=\"https:\/\/octane.co\/o\/yieldstreet-and-octane-partner-on-innovative-transaction\/\"><span style=\"font-weight: 400;\">$280 million<\/span><\/a><span style=\"font-weight: 400;\"> to <\/span><a href=\"https:\/\/www.yieldstreet.com\/?_gl=1*jjc18h*_ga*Nzc3MTQ2MDEyLjE3Mjc0NTg3MjY.*_ga_0FCW95Z7XK*MTczMDIzNDczNS4xOS4xLjE3MzAyMzcxODQuNDcuMC4w\"><span style=\"font-weight: 400;\">Yieldstreet<\/span><\/a><span style=\"font-weight: 400;\">, an evergreen forward flow transaction with a credit union, and a <\/span><a href=\"https:\/\/octane.co\/o\/ab-carval-and-octane-close-200-million-whole-loan-sale\/\"><span style=\"font-weight: 400;\">$200 million whole loan sale<\/span><\/a><span style=\"font-weight: 400;\"> to funds managed by <\/span><a href=\"https:\/\/www.abcarval.com\/us\/en-us\/investors\/home.html\"><span style=\"font-weight: 400;\">AB CarVal<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><\/p>\n<p><span style=\"font-weight: 400;\">The ABS transaction announced today follows several significant milestones for the company. Octane recently <\/span><a href=\"https:\/\/octane.co\/o\/marine-market-entrance\/\"><span style=\"font-weight: 400;\">entered the marine market<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/octane.co\/o\/ridenow-and-octane-partner-to-launch-ridenow-finance\/\"><span style=\"font-weight: 400;\">launched RideNowFinance<\/span><\/a><span style=\"font-weight: 400;\">, a private label partnership with <\/span><a href=\"https:\/\/www.ridenow.com\/?_gl=1*1qw8kgg*_ga*Nzc3MTQ2MDEyLjE3Mjc0NTg3MjY.*_ga_0FCW95Z7XK*MTczMDIzNDczNS4xOS4xLjE3MzAyMzc2NjIuNTMuMC4w\"><span style=\"font-weight: 400;\">the largest powersports retailer in North America<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7237846595529023488\/?_gl=1*r0qr94*_ga*Nzc3MTQ2MDEyLjE3Mjc0NTg3MjY.*_ga_0FCW95Z7XK*MTczMDIzNDczNS4xOS4xLjE3MzAyMzc0NTUuNTUuMC4w\"><span style=\"font-weight: 400;\">surpassed $5B in aggregate originations<\/span><\/a><span style=\"font-weight: 400;\">. Earlier this year, Octane <\/span><a href=\"https:\/\/octane.co\/o\/raises-50-million-in-series-e-funding-round\/\"><span style=\"font-weight: 400;\">completed its Series E funding round<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><\/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><\/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 spglobal.com and can be accessed <\/span><a href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/3280383\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><\/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\/publications\/DVcKYwQV\/kbra-assigns-ratings-to-octane-receivables-trust-2024-3\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>###<\/p>\n<p><em>This is not an offer, solicitation of an offer, recommendation or advice to buy or sell any security, financial product or instrument.&nbsp;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>More than $4 Billion of Asset-Backed Securities Issued to Date NEW YORK, November 14, 2024 \u2014 Octane\u00ae (Octane Lending, Inc.\u00ae), the fintech revolutionizing the buying experience for major recreational purchases,<\/p>\n<div><a href=\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":25,"featured_media":6465,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[34],"tags":[66,55,53,52],"class_list":["post-6462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press","tag-66","tag-company-growth","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 $326 Million Asset-Backed Securitization | Octane<\/title>\n<meta name=\"description\" content=\"Octane closed its third asset-backed securitization of 2024, OCTL 2024-3. The deal was rated AAA and is its thirteenth securitization.\" \/>\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\/completes-326-million-asset-backed-securitization-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Octane Completes $326 Million Asset-Backed Securitization\" \/>\n<meta property=\"og:description\" content=\"Octane closed its third asset-backed securitization of 2024, OCTL 2024-3. The deal was rated AAA and is its thirteenth securitization.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Octane\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-14T09:15:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-16T13:45:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31-1024x1024.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Elizabeth Griswold\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Elizabeth Griswold\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/\"},\"author\":{\"name\":\"Elizabeth Griswold\",\"@id\":\"https:\/\/octane.co\/o\/#\/schema\/person\/ee9ed73e468e95f2934e6738e485df45\"},\"headline\":\"Octane Completes $326 Million Asset-Backed Securitization\",\"datePublished\":\"2024-11-14T09:15:13+00:00\",\"dateModified\":\"2025-01-16T13:45:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/\"},\"wordCount\":609,\"publisher\":{\"@id\":\"https:\/\/octane.co\/o\/#organization\"},\"image\":{\"@id\":\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31.png\",\"keywords\":[\"2024\",\"Company Growth\",\"Investor Relations\",\"Recent Press\"],\"articleSection\":[\"Press\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/\",\"url\":\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/\",\"name\":\"Octane Completes $326 Million Asset-Backed Securitization | Octane\",\"isPartOf\":{\"@id\":\"https:\/\/octane.co\/o\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/octane.co\/o\/completes-326-million-asset-backed-securitization-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/octane.co\/o\/wp-content\/uploads\/2024\/11\/image-31.png\",\"datePublished\":\"2024-11-14T09:15:13+00:00\",\"dateModified\":\"2025-01-16T13:45:38+00:00\",\"description\":\"Octane closed its third asset-backed securitization of 2024, OCTL 2024-3. 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