Westcorp’s $1.8B Offering: Bank’s Largest Auto Deal
Irvine-based Westcorp said WFS Financial Inc., its auto finance company, has priced a $1.8 billion auto loan securitization, the company’s largest deal to date.
WFS Financial and its affiliates are the fourth-largest issuer of automobile bonds in the U.S. The company has issued 54 auto loan securities totaling $24.4 billion.
The offering was led by Banc of America Securities LLC and co-managed by Barclays Capital Inc., Credit Suisse First Boston Inc., Deutsche Banc Alex. Brown Inc. and Salomon Smith Barney Holdings Inc.
