XLCA Completes $135 Million Financing For DriveTime Automotive Group
New York, New York - July 28, 2003
New York, July 28, 2003 - XL Capital Group Assurance Inc. (XLCA) announced today that it has issued a triple-A rated financial guarantee in connection with a $135 million auto loan securitization for DriveTime Automotive Group, Inc., which operates the largest chain of buy-here-pay-here used car dealerships in the U.S. This is the fourth DriveTime transaction wrapped by XLCA since June 2002.The financing, DriveTime Auto Owner Trust 2003-B, was underwritten by Greenwich Capital Markets.Greg Sullivan, President of DriveTime, said, "We were very pleased with the strong investor reception to this transaction, which was again insured by XL Capital Assurance."Deborah Murnin, a Director at XLCA and head of the Auto ABS Group, said, "We look forward to continuing to work with DriveTime to achieve its objectives."XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings, is a New York-domiciled financial guarantee insurer that specializes in consumer and commercial asset securitization, structured investment products, power & utilities, global infrastructure, future flow securitization, U.S. public finance, and bank deposit insurance.XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd (NYSE: XL) which, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis.
Share This Article: