Free Writing Prospectus
Filed Pursuant to Rule 433
Dated August 24, 2006
Registration Statement No. 333-131003
Filed Pursuant to Rule 433
Dated August 24, 2006
Registration Statement No. 333-131003
$2,254,115,000
Ford Credit Auto Owner Trust 2006-B
Issuer
Issuer
Ford Credit Auto Receivables Two LLC
Depositor
Depositor
Ford Motor Credit Company
Sponsor and Servicer
Sponsor and Servicer
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-221-1037.
Trust will issue:
Final Scheduled | ||||||||||
Principal Amount | Interest Rate | Payment Date | ||||||||
Class A-1 notes(1) | $ | 657,000,000 | 5.4048% | September 15, 2007 | ||||||
Class A-2a notes | $ | 470,000,000 | 5.42% | July 15, 2009 | ||||||
Class A-2b notes | $ | 470,000,000 | one-month LIBOR + 0.02% | July 15, 2009 | ||||||
Class A-3 notes | $ | 730,000,000 | 5.26% | October 15, 2010 | ||||||
Class A-4 notes | $ | 438,560,000 | 5.25% | September 15, 2011 | ||||||
Class B notes | $ | 87,333,000 | 5.43% | February 15, 2012 | ||||||
Class C notes | $ | 58,222,000 | 5.68% | June 15, 2012 | ||||||
Class D notes(1) | $ | 58,222,000 | 7.12% | February 15, 2013 | ||||||
Total | $ | 2,969,337,000 |
(1) | The Class A-1 notes and the Class D notes are not being publicly offered. |
The pricing terms of the offered notes are:
Underwriting | ||||||||||||
Price to Public | Discount | Proceeds to the Depositor(1) | ||||||||||
Class A-2a notes | 99.99105% | 0.125% | 99.86605% | |||||||||
Class A-2b notes | 100.00000% | 0.125% | 99.87500% | |||||||||
Class A-3 notes | 99.98122% | 0.175% | 99.80622% | |||||||||
Class A-4 notes | 99.99397% | 0.250% | 99.74397% | |||||||||
Class B notes | 99.97572% | 0.350% | 99.62572% | |||||||||
Class C notes | 99.99557% | 0.350% | 99.64557% | |||||||||
Total | $ | 2,253,885,612.15 | $ | 4,058,342.50 | $2,249,827,269.65 |
(1) | Before deducting expenses estimated to be $1,200,000. |
Weighted Average | ||||||||||||||||
Life(yrs)(1) | Window | Bench/Spread | Yield | |||||||||||||
Class A-2a notes | 1.03 | 13 months | EDSF + 2 | 5.491% | ||||||||||||
Class A-2b notes | 1.03 | 13 months | 1M-Lbr + 2 | 1M-LIBOR + 0.02% | ||||||||||||
Class A-3 notes | 2.05 | 14 months | I-Swps + 4 | 5.328% | ||||||||||||
Class A-4 notes | 3.10 | 14 months | I-Swps + 8 | 5.310% | ||||||||||||
Class B notes | 3.87 | 4 months | I-Swps + 27 | 5.499% | ||||||||||||
Class C notes | 3.96 | 1 month | I-Swps + 52 | 5.749% | ||||||||||||
(1) | Assuming a 1.5% ABS rate to the 5% clean up call. |
The trust will enter into an interest rate swap with The Royal Bank of Scotland plc to hedge the interest rate risk on the Class A-2b notes. Each month on a net basis, the trust will pay 5.41% on the notional amount related to the Class A-2b notes and receive one-month LIBOR plus 0.02% under the interest rate swap agreement.
UNDERWRITING
The depositor and the underwriters named below have entered into an underwriting agreement for the notes referred below. Subject to certain conditions, each underwriter has agreed to purchase the principal amount of notes indicated in the following table:
Class A-2a | Class A-2b | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||
Underwriters | Notes | Notes | Notes | Notes | Notes | Notes | ||||||||||||||||||
Credit Suisse Securities (USA) LLC | $ | 94,000,000 | $ | 94,000,000 | $ | 146,000,000 | $ | 87,712,000 | $ | 29,111,000 | $ | 19,407,334 | ||||||||||||
Greenwich Capital Markets, Inc. | 94,000,000 | 94,000,000 | 146,000,000 | 87,712,000 | 29,111,000 | 19,407,333 | ||||||||||||||||||
J.P. Morgan Securities Inc. | 94,000,000 | 94,000,000 | 146,000,000 | 87,712,000 | 29,111,000 | 19,407,333 | ||||||||||||||||||
Calyon Securities (USA) Inc. | 94,000,000 | 94,000,000 | 146,000,000 | 87,712,000 | ||||||||||||||||||||
HSBC Securities (USA) Inc. | 94,000,000 | 94,000,000 | 146,000,000 | 87,712,000 | ||||||||||||||||||||
Total | $ | 470,000,000 | $ | 470,000,000 | $ | 730,000,000 | $ | 438,560,000 | $ | 87,333,000 | $ | 58,222,000 | ||||||||||||