AMERICAS CARMART INC (CRMT): debt financing — America's Car-Mart completes $250M securitization of auto receivables

AMERICAS CARMART INC

Issued $183.19M Class A notes at 7.71% and $66.81M Class B notes at 11.40% via ACM Auto Trust 2024-1.
Net proceeds of ~$248.2M used to pay outstanding debt and fund reserve accounts.
Notes mature January 21, 2031; monthly interest/principal payments begin Feb 20, 2024.
S&P rated Class A notes 'A(sf)' and Class B notes 'BBB(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 senior notes of $183,190,000 aggregate principal amount with BMO Capital Markets Corp., MUFG Securities Americas Inc., and SMBC Nikko Securities America, Inc., as initial purchasers at 7.71% maturing January 21, 2031.

Instrument: senior notes
Principal: $183,190,000 aggregate principal amount
Counterparty: BMO Capital Markets Corp., MUFG Securities Americas Inc., and SMBC Nikko Securities America, Inc., as initial purchasers
Rate: 7.71%
Maturity: January 21, 2031
Event: incurrence

Exact text from the filing

On January 31, 2024, 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 $183,190,000 aggregate principal amount of 7.71% Class A Asset Backed Notes (the “Class A Notes”)

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

AMERICAS CARMART INC incurred senior notes of $66,810,000 aggregate principal amount with BMO Capital Markets Corp., MUFG Securities Americas Inc., and SMBC Nikko Securities America, Inc., as initial purchasers at 11.40% maturing January 21, 2031.

Instrument: senior notes
Principal: $66,810,000 aggregate principal amount
Counterparty: BMO Capital Markets Corp., MUFG Securities Americas Inc., and SMBC Nikko Securities America, Inc., as initial purchasers
Rate: 11.40%
Maturity: January 21, 2031
Event: incurrence

Exact text from the filing

$66,810,000 aggregate principal amount of 11.40% Class B Asset Backed Notes (the “Class B Notes” and, together with the Class A Notes, the “Notes”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAS CARMART INC entered into Sale and Servicing Agreement with Wilmington Trust, National Association (effective 2024-01-31).

Action: entry
Counterparty: Wilmington Trust, National Association
Effective: 2024-01-31

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, 2024, 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”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAS CARMART INC entered into Indenture with Wilmington Trust, National Association valued at $183,190,000 aggregate principal amount of 7.71% Class A Asset Backed Notes and $66,810,000 aggregat (effective 2024-01-31).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $183,190,000 aggregate principal amount of 7.71% Class A Asset Backed Notes and $66,810,000 aggregat
Effective: 2024-01-31

Exact text from the filing

The Notes were issued pursuant to an Indenture, dated January 31, 2024, by and between the Issuer and the Trustee (the “Indenture”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAS CARMART INC entered into Purchase Agreement with Colonial Auto Finance, Inc. (effective 2024-01-31).

Action: entry
Agreement: asset purchase
Counterparty: Colonial Auto Finance, Inc.
Effective: 2024-01-31

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, 2024, by and between the Seller and the Depositor (the “Purchase Agreement”).

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

AMERICAS CARMART INC filing history →

Source: SEC EDGAR

accession 0001171843-24-000553

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