The transaction represents another milestone in PFS’s funding strategy and further expands its access to public capital markets.
“With both our lease and retail programs now SEC-registered, we are holding ourselves to the highest standard of public-market disclosure across the full portfolio,” says Tobias Hausladen, Treasurer & Chief Financial Officer, Porsche Financial Services, Inc. “The deal attracted a record orderbook, confirmation that investors appreciate the strength of the Porsche brand, underlying quality of collateral, and the direction of our funding strategy.”
The securities issued in the SEC-registered transaction received a ‘AAA’ rating from the major rating agencies and achieved competitive pricing, underscoring the strength of PFS’s portfolio. The transaction, divided into five tranches, including a floating rate tranche, was backed by a pool of retail sales contracts financing Porsche vehicles.
The transaction was led by Wells Fargo Securities, with RBC Capital Markets, Société Générale, and Truist Securities serving as joint book runners and DZ Financial Markets and Scotiabank as co-managers.
Porsche Financial Services, Inc. is an indirect, wholly owned subsidiary of German luxury car maker Dr. Ing. h.c. F. Porsche AG (“Porsche AG”).
About Porsche Financial Services, Inc. (PFS)
Porsche Financial Services, Inc. (PFS), based in Atlanta, Georgia, is the dedicated provider of leasing and financing products for Porsche in the United States. Founded in 1991, PFS provides custom financial solutions and products to Porsche customers and dealers in the United States. In 2012, PFS expanded its North America operations to become the captive finance provider for the exclusive brands of the Volkswagen Group which include Bentley, Lamborghini, and Bugatti. As an integrated premium financial services provider, every new product – whether it be a leasing offer or a service offer – contains the DNA of some of the world’s most exclusive vehicle manufacturers.
