America’s Car-Mart, Inc. Completes $300 Million Term Securitization
America's Car-Mart, Inc. (NASDAQ: CRMT) has successfully completed a $300 million term securitization transaction. The issuance involves asset-backed notes with an overall weighted average coupon of 7.44% and an advance rate of 59.15%. ACM Auto Trust 2024-2, an indirect subsidiary of the Company, issued $228.2 million of Class A Notes with a 6.06% coupon rate and $71.8 million of Class B Notes with a 9.21% coupon rate.
This marks the Company's second term securitization of 2024, with significant improvements in benchmark rate and spread, resulting in a 198 basis point improvement in the weighted average coupon compared to their January 2024 transaction. The notes have not been registered under the Securities Act and are subject to specific offering restrictions.
America's Car-Mart, Inc. (NASDAQ: CRMT) ha completato con successo un'operazione di securitizzazione a termine da 300 milioni di dollari. L'emissione comprende note garantite da attivi con un tasso di interesse medio ponderato del 7,44% e un tasso di anticipo del 59,15%. ACM Auto Trust 2024-2, una controllata indiretta della Società, ha emesso 228,2 milioni di dollari in Note di Classe A con un tasso di interesse del 6,06% e 71,8 milioni di dollari in Note di Classe B con un tasso di interesse del 9,21%.
Questo segna la seconda operazione di securitizzazione a termine della Società nel 2024, con significativi miglioramenti nel tasso di riferimento e nello spread, che hanno portato a un miglioramento di 198 punti base nel tasso di interesse medio ponderato rispetto alla loro operazione di gennaio 2024. Le note non sono state registrate ai sensi del Securities Act e sono soggette a specifiche restrizioni di offerta.
America's Car-Mart, Inc. (NASDAQ: CRMT) ha completado con éxito una transacción de titulización a plazo de 300 millones de dólares. La emisión involucra notas respaldadas por activos con un cupón promedio ponderado del 7,44% y una tasa de adelanto del 59,15%. ACM Auto Trust 2024-2, una subsidiaria indirecta de la Empresa, emitió 228,2 millones de dólares en Notas Clase A con una tasa de cupón del 6,06% y 71,8 millones de dólares en Notas Clase B con una tasa de cupón del 9,21%.
Esto marca la segunda titulización a plazo de la Empresa en 2024, con mejoras significativas en la tasa de referencia y el spread, resultando en un mejoramiento de 198 puntos básicos en el cupón promedio ponderado en comparación con su transacción de enero de 2024. Las notas no han sido registradas bajo la Ley de Valores y están sujetas a restricciones específicas de oferta.
아메리카스 카-마트, Inc. (NASDAQ: CRMT)는 3억 달러 규모의 기간 증권화 거래를 성공적으로 완료했습니다. 이번 발행은 자산 담보 증권을 포함하며, 전체 가중 평균 쿠폰 금리는 7.44%이고, 선급 비율은 59.15%입니다. ACM 오토 트러스트 2024-2는 회사의 간접 자회사로서 2억 2820만 달러 규모의 A 클래스 노트를 6.06%의 쿠폰 금리로 발행하였고, 7180만 달러 규모의 B 클래스 노트는 9.21%의 쿠폰 금리로 발행하였습니다.
이번 거래는 2024년 회사의 두 번째 기간 증권화로, 기준금리와 스프레드에서 상당한 개선을 이루어, 2024년 1월 거래와 비교하여 198 베이시스 포인트 개선을 달성했습니다. 이러한 노트는 증권법에 따라 등록되지 않았으며, 특정 제안 제한 사항이 적용됩니다.
America's Car-Mart, Inc. (NASDAQ: CRMT) a réussi à réaliser une transaction de titrisation à terme de 300 millions de dollars. L'émission comprend des titres adossés à des actifs avec un taux de coupon moyen pondéré de 7,44% et un taux d'avancement de 59,15%. ACM Auto Trust 2024-2, une filiale indirecte de la Société, a émis 228,2 millions de dollars en Obligations de Classe A avec un taux de coupon de 6,06% et 71,8 millions de dollars en Obligations de Classe B avec un taux de coupon de 9,21%.
Ceci marque la deuxième titrisation à terme de la Société pour 2024, avec d'importantes améliorations du taux de référence et de l'écart, entraînant une amélioration de 198 points de base dans le taux de coupon moyen pondéré par rapport à leur transaction de janvier 2024. Les titres n'ont pas été enregistrés en vertu de la Loi sur les valeurs mobilières et sont soumis à des restrictions d'offre spécifiques.
America's Car-Mart, Inc. (NASDAQ: CRMT) hat erfolgreich eine 300 Millionen Dollar umfassende Terminisierungstransaktion abgeschlossen. Die Emission beinhaltet asset-backed Anleihen mit einem gewichteten durchschnittlichen Kupon von 7,44% und einem Vorschusszinssatz von 59,15%. ACM Auto Trust 2024-2, eine indirekte Tochtergesellschaft des Unternehmens, hat 228,2 Millionen Dollar an Klasse A-Anleihen mit einem Kuponzinssatz von 6,06% und 71,8 Millionen Dollar an Klasse B-Anleihen mit einem Kuponzinssatz von 9,21% ausgegeben.
Dies ist die zweite Terminisierungstransaktion des Unternehmens im Jahr 2024, mit signifikanten Verbesserungen bei Benchmark-Zinsen und Spread, was zu einer Verbesserung um 198 Basispunkte im gewichteten durchschnittlichen Kupon im Vergleich zu ihrer Transaktion im Januar 2024 führt. Die Anleihen wurden nicht gemäß dem Wertpapiergesetz registriert und unterliegen bestimmten Angebotsbeschränkungen.
- Successful completion of a $300 million term securitization
- 198 basis point improvement in weighted average coupon compared to January 2024 transaction
- Advance rate of 59.15% for the securitization
- None.
Insights
This $300 million term securitization is a significant financial move for America's Car-Mart, demonstrating the company's ability to access capital markets effectively. The
The
For a company with a market cap of
America's Car-Mart's successful securitization reflects positively on the used car market and the company's business model. As a retailer focused on the "Integrated Auto Sales and Finance" segment, this financial maneuver could enhance their ability to offer competitive financing to customers, potentially driving sales growth.
The improved terms of this securitization, compared to the January 2024 transaction, suggest increasing investor confidence in the company's receivables and overall market conditions. This could indicate a stabilizing or improving outlook for the used car market, particularly in the South-Central United States where the company operates.
Investors should monitor how America's Car-Mart utilizes this capital. If invested in expanding their dealership network or enhancing their financing capabilities, it could lead to market share gains. However, the automotive retail sector faces challenges from online competitors and economic uncertainties, so the effective deployment of this capital will be important for long-term success.
ROGERS, Ark., Oct. 11, 2024 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (the “Company”) announced today that it has completed a term securitization transaction involving the issuance of
ACM Auto Trust 2024-2 issued
“We are pleased with the successful completion of our second term securitization of 2024, with benchmark rate and spread improvements resulting in a 198 basis point improvement in the weighted average coupon compared to our January 2024 transaction,” said Vickie Judy, Chief Financial Officer.
ACM Auto Trust 2024-2 is an indirect subsidiary of the Company. The notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not and will not constitute an offer to sell or the solicitation of an offer to buy the notes. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
About America's Car-Mart
America’s Car-Mart operates automotive dealerships in twelve states and is one of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. The Company operates its dealerships primarily in smaller cities throughout the South-Central United States selling quality used vehicles and providing financing for substantially all of its customers. For more information about America’s Car-Mart, please visit our website at www.car-mart.com.
| Contacts: | ||
| Investor_relations@car-mart.com Vickie D. Judy, CFO at (479) 464-9944 | ||
FAQ
What is the total amount of America's Car-Mart's (CRMT) recent term securitization?
What is the weighted average coupon for CRMT's October 2024 securitization?
How does CRMT's October 2024 securitization compare to its January 2024 transaction?
What are the coupon rates for Class A and Class B Notes in CRMT's recent securitization?
