Westlake Closes $250 Million Securitization with Wells Fargo Securities
Los Angeles, CALIFORNIA – June 6, 2011 – Westlake Financial Services, a full-spectrum indirect auto finance company, announces a new $250 million dollar revolving securitization facility with Wells Fargo Securities. The deal closed May 26.
“This latest securitization is another step towards realizing our goal of becoming a programmatic issuer in the market,” says Westlake CFO Paul Kerwin. “Our plan is to issue securitizations this size or larger two to three times per year. Along with our securitizations from last year, we are well on our way to achieving that goal.”
President Ian Anderson says the additional capital will help Westlake achieve its aggressive growth strategy for 2011. “Not only are we increasing our dealer base, we also want to help each of our dealers finance more customers. We do this by offering the most flexible programs with competitive rates that cover the entire credit spectrum,” Anderson says. “We are also putting more feet on the ground and nearly doubling our rep force. This type of growth is possible with the support of financial partners like Wells Fargo Securities.”
Kerwin adds that he is pleased with the recent securitization’s broad-based investor support as well as the efficiency and professionalism of the Wells Fargo Securities team. “I want to commend the Wells Fargo team for a very smooth transaction and flawless execution,” Kerwin concludes.
In related news, Westlake also announced an increase to its revolving securitization facility with Wells Fargo Preferred Capital on April 6. The line was increased from $100 million to $200 million dollars. This is in addition to the existing $365 million facility with Wells Fargo Preferred Capital and three other banks.
To learn more about Westlake Financial, including markets served and financing products available, visit www.westlakefinancial.com.