AMERICAS CARMART INC (CRMT): debt financing — America's Car-Mart completes $400M auto loan securitization with four tranches

AMERICAS CARMART INC

Issued $230.4M Class A notes at 6.61%, $46.8M Class B at 7.26%, $74.1M Class C at 8.59%, $48.9M Class D at 12.58%.
Net proceeds of ~$398.2M used to repay outstanding debt and fund reserve accounts.
Notes mature January 22, 2030; collateralized by used-vehicle retail installment contracts.
S&P and Kroll rated Class A A(sf)/AA-(sf), Class B A-(sf)/A-(sf), Class C BBB(sf)/BBB-(sf), Class D BB(sf)/BB-(sf).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AMERICAS CARMART INC incurred debt of $230,390,000 aggregate principal amount of 6.61% Class A Asset Backed Notes, $46,800,000 aggregate principal amount of 7 with Credit Suisse Securities (USA) LLC and BMO Capital Markets Corp., as initial purchasers at 6.61% ... 7.26% ... 8.59% ... 12.58% maturing January 22, 2030.

Principal: $230,390,000 aggregate principal amount of 6.61% Class A Asset Backed Notes, $46,800,000 aggregate principal amount of 7
Counterparty: Credit Suisse Securities (USA) LLC and BMO Capital Markets Corp., as initial purchasers
Rate: 6.61% ... 7.26% ... 8.59% ... 12.58%
Maturity: January 22, 2030
Event: incurrence

Exact text from the filing

On January 31, 2023, affiliates of America’s Car-Mart, Inc. (the “Company”) completed a securitization transaction (the “Securitization Transaction”), which involved the issuance and sale in a private offering of $230,390,000 aggregate principal amount of 6.61% Class A Asset Backed Notes (the “Class A Notes”), $46,800,000 aggregate principal amount of 7.26% Class B Asset Backed Notes (the “Class B Notes”), $74,100,000 aggregate principal amount of 8.59% Class C Asset Backed Notes (the “Class C Notes”), and $48,900,000 aggregate principal amount of 12.58% Class D Asset Backed Notes

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AMERICAS CARMART INC entered into Purchase Agreement with Colonial Auto Finance, Inc. (Seller) and ACM Funding, LLC (Depositor) valued at Sale of customer receivable contracts for securitization (effective 2023-01-31).

Action: entry
Counterparty: Colonial Auto Finance, Inc. (Seller) and ACM Funding, LLC (Depositor)
Value: Sale of customer receivable contracts for securitization
Effective: 2023-01-31

Exact text from the filing

To execute the Securitization Transaction, Colonial Auto Finance, Inc., a wholly-owned subsidiary of the Company (the "Seller"), sold or conveyed certain customer receivable contracts (the "Receivables") (loans made to finance customer purchases of used vehicles from the Company's subsidiaries) to ACM Funding, LLC, an indirect wholly-owned subsidiary of the Company (the "Depositor"), pursuant to a Purchase Agreement, dated as of January 31, 2023, by and between the Seller and the Depositor (the "Purchase Agreement").

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AMERICAS CARMART INC entered into Sale and Servicing Agreement with ACM Funding, LLC (Depositor), ACM Auto Trust 2023-1 (Issuer), America's Car Mart, Inc. (Servicer), and Wilmington Trust, National Association (Trustee) valued at Sale of Receivables to Issuer and servicing of Receivables; service fee 4.00% annualized (effective 2023-01-31).

Action: entry
Counterparty: ACM Funding, LLC (Depositor), ACM Auto Trust 2023-1 (Issuer), America's Car Mart, Inc. (Servicer), and Wilmington Trust, National Association (Trustee)
Value: Sale of Receivables to Issuer and servicing of Receivables; service fee 4.00% annualized
Effective: 2023-01-31

Exact text from the filing

The Receivables were then sold by the Depositor to the Issuer pursuant to a Sale and Servicing Agreement, dated January 31, 2023, by and between the Depositor, the Issuer, America’s Car Mart, Inc., as servicer (the "Servicer"), and Wilmington Trust, National Association, as trustee (the "Trustee") (the "Sale and Servicing Agreement").

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AMERICAS CARMART INC entered into Indenture with ACM Auto Trust 2023-1 (Issuer) and Wilmington Trust, National Association (Trustee) valued at Issuance of $230,390,000 Class A, $46,800,000 Class B, $74,100,000 Class C, and $48,900,000 Class D (effective 2023-01-31).

Action: entry
Agreement: notes offering
Counterparty: ACM Auto Trust 2023-1 (Issuer) and Wilmington Trust, National Association (Trustee)
Value: Issuance of $230,390,000 Class A, $46,800,000 Class B, $74,100,000 Class C, and $48,900,000 Class D
Effective: 2023-01-31

Exact text from the filing

The Notes were issued pursuant to an Indenture, dated January 31, 2023, by and between the Issuer and the Trustee (the "Indenture").

View on SEC.gov

41 debt financings filed in the last 30 days. Browse all debt financings →

AMERICAS CARMART INC filing history →

Source: SEC EDGAR

accession 0001171843-23-000688

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.