Free Writing Prospectus
Filed Pursuant to Rule 433
Dated August 22, 2023
Registration Statement Nos. 333-268757 and 333-268757-04
ABS: Exeter Subprime Auto Loan (EART 2023-4) *Full Pricing Details*
Joint Lead Bookrunners: Wells Fargo (Str), Citi, and J.P. Morgan
Co-Managers: Barclays, BNP Paribas, and Mizuho
Capital Structure:
CL | Size(mm) | Offered(mm) | WAL* | S&P/F** | P.WIN* | E.FNL* | L.FNL | BENCH | SPREAD | YIELD | COUPON | $PRICE |
A-1 | $76.000 | $72.200 | 0.14 | A-1+/F1+ | 01-04 | 12/23 | 09/24 | I-Curv | +20 | 5.6080 | 5.6080 | 100.00000 |
A-2 | $131.990 | $125.390 | 0.52 | AAA/AAA | 04-11 | 07/24 | 12/25 | I-Curv | +68 | 6.1520 | 6.0700 | 99.99797 |
A-3 | $59.640 | $56.658 | 1.05 | AAA/AAA | 11-16 | 12/24 | 09/26 | I-Curv | +78 | 6.1430 | 6.0600 | 99.99439 |
B | $92.590 | $87.960 | 1.64 | AA/AA | 16-25 | 09/25 | 10/27 | I-Curv | +125 | 6.3980 | 6.3100 | 99.99361 |
C | $90.900 | $86.355 | 2.41 | A/A | 25-35 | 07/26 | 08/28 | I-Curv | +170 | 6.6080 | 6.5100 | 99.98072 |
D | $89.210 | $84.749 | 3.30 | BBB/BBB | 35-46 | 06/27 | 12/29 | I-Curv | +235 | 7.0550 | 6.9500 | 99.99017 |
E | $82.450 | $78.327 | 4.33 | BB-/BB | 46-56 | 04/28 | 02/31 | I-Curv | +520 | 9.7640 | 9.5700 | 99.99686 |
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*Based on 1.50% ABS Pricing Speed to 5% Clean-Up Call
**Expected Ratings
-Deal Summary-
Offered Size : $591,639,000 *Deal Will Not Grow*
Issued Size : $622,780,000
Exp. Pricing : Priced
Exp. Settle : 08/30/2023
Pxg Speed : 1.5% ABS to 5% Call
Offering Format: (Class A-D): SEC REG | (Class E): 144A / Reg S / IAI
First Pay Date : 9/15/2023
ERISA Eligible : Yes (Class A-D) | No (Class E)
Exp. Ratings : S&P/Fitch
Min Denoms : (Class A-D): $1k x $1k | (Class E): $1,100,000 x $1k
BBG Ticker : EART 2023-4
B&D : Wells Fargo
-Available Information-
* Preliminary Prospectus, Preliminary Offering Memorandum, FWP, and CDI : Attached
* Intex Deal Name : wseart202304 Password: 66BU
* Roadshow Link : https://dealroadshow.com | Passcode: EART234 (case sensitive)
If this communication relates to an offering of US registered securities (i) a registration statement has been filed with the SEC, (ii) before investing you should read the filed documents, and (iii) you may obtain these documents from your sales representative, by calling 1-800-645-3751 (option 5) or visiting www.sec.gov.