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Porsche Financial Services Celebrates Successful $891 Million Auto ABS Transaction In U.S. Market
Porsche Financial Services, Inc. (PFS), based in Atlanta, Georgia, has launched its third U.S. auto Asset Backed Securities (ABS) offering for 2024, valued at $891 million. This follows two previous ABS issuances in August and October. PFS is a subsidiary of the German luxury car manufacturer Porsche AG. The issuance achieved record pricing since April 2022 due to strong investor support.
The AAA-rated securities were issued under Rule 144A and divided into five tranches, including a floating rate tranche. These securities are backed by retail sales contracts financing Porsche vehicles. Notably, this transaction included battery-electric vehicles for the first time. The deal was led by Société Générale with support from Bank of America Securities, CIBC, Truist Bank, and BNP Paribas as book runners.
The offering attracted significant interest from a diverse investor base, including investment funds, asset managers, trusts, banks, and corporations. Tobias Hausladen, Treasurer & Chief Financial Officer of PFS, expressed satisfaction with the results: "We are thrilled with the result of our final issuance of 2024." He highlighted the success of five deals executed since May 2023 across lease and retail installment sales contract programs.
Porsche Financial Services provides leasing and financing solutions for Porsche customers in the United States. Established in 1991, PFS expanded its operations in North America in 2012 to include brands like Bentley, Lamborghini, and Bugatti under the Volkswagen Group's umbrella.
Porsche Cars North America (PCNA), founded in 1984 and headquartered in Atlanta since 1998, is the exclusive U.S. importer of various Porsche models such as the 911 and Taycan. PCNA operates two Porsche Experience Centers in North America—one in Atlanta and another near Los Angeles—offering driver development tracks and business facilities.
PCNA supports over 200 independently owned Porsche dealerships across the U.S., providing parts, service, marketing, and training to ensure a top-tier customer experience aligned with Porsche's legacy of performance excellence.
Porsche's rich racing heritage includes over 30,000 motorsport victories to date. Accredited journalists can access photos and videos on the Porsche Press Database or PCNA Newsroom.
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