Westlake Financial Services issues record ABS of $ 1.2 billion
LOS ANGELES–(COMMERCIAL THREAD) – Westlake Financial Services announces the closing of its 19th asset-backed securitization (WLAKE 19-2) at $ 1.2 billion. This latest securitization is the largest ever in Westlake’s history and the fifth consecutive issue of over $ 1 billion.
“Our biggest ABS ever is an indication of our company’s continued growth and increasing market share,” said Paul Kerwin, CFO of Westlake Financial Services. “We expect this growth to continue and expect another big ABS before the end of the year. I would like to thank our Capital Markets & Treasury team for executing another successful trade. ”
During this securitization market, trade tensions caused Treasuries to rise, causing Libor rates to fall 0.65% from the Westlake deal in February. Despite these factors, Westlake was able to gain investor confidence, with returning investors representing 33 of the 36 total participants in the transaction.
“Despite the pitfalls of the market, Westlake was able to close ABS with good prospects for our investors,” commented Franka Bicolli, Director of Treasury at Westlake Financial. “We have added 3 new investors to our large pool of regular participants. We also increased our spread concession by 0.08%, placing the overall rate 0.58% below our February trade. ”
Westlake Financial Services continues to grow through its nationwide dealer network. As the largest private auto lender, the company is active in all 50 states plus Puerto Rico, with a dealer base of more than 20,000 franchised and independent dealers. Westlake’s current portfolio of $ 8.3 billion includes auto loans and leases issued, direct consumer loans, purchasing and portfolio services, and lines of credit for dealers. .
About Westlake Technology Holdings: Westlake Technology Holdings is an automotive and financial technology company headquartered in Los Angeles, California with approximately $ 8.33 billion in assets under management. Westlake Financial Services is the originator of indirect auto retail payment contracts through a nationwide network of new and used auto and powersports dealers. Westlake also offers loan portfolio purchases, credit facilities and portfolio services through its ALPS (Advanced Lending & Portfolio Services) division; www.WestlakeALPS.com. Floor plan lines of credit are provided through their Westlake Flooring Services division, www.WestlakeFlooringServices.com, shared cash flow auto loans through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada-based auto lender, and indirect auto leasing for credit unions through the Westlake subsidiary, Credit Union Leasing of America (CULA). Dealer leads and direct consumer auto loans are offered by Westlake Direct. Consumer securities lending is made through Westlake’s wholly owned subsidiary, Loan Center, www.loancenter.com.