Carro Launches SG$450 Million Asset-Backed Securitzation Warehouse Facility
MT Newswires10-22
Carro established an SG$450 million asset-backed securitization warehouse facility backed by automotive loan receivables in Singapore.
The facility aims to diversify its funding sources and support growth, according to a Thursday press release.
The facility uses a bankruptcy-remote special purpose vehicle to purchase and securitize vehicle-secured hire-purchase receivables originated by Carro's unit, Genie Financial Services.
The structure allows lenders to participate through capital-markets notes or direct bank loans on a pari-passu basis, the online car marketplace and automotive financing company said.
Mizuho acted as arranger, while HSBC and JPMorgan provided loans and subscribed to bonds.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
