The deal, dubbed Hyundai Floorplan Master Owner Trust, Series 2016-1, will issue $507.4 million of notes backed by lines of credit originated by Hyundai Capital America. This transaction is only the sponsor's third ever dealer floorplan securitization to issue long-term notes; the previous one closed in closed in May 2013, according to Moody's Investors Service. Moody's and Standard & Poor's have assigned preliminary ratings to three tranches with an expected maturity of March 2019; two tranches, one fixed-rate and one-floating rate, benefit from initial hard credit enhancement of 21.59% and are rated Aaa/AAA; a third, fixed-rate tranche benefits from 14.18% credit enhancement and is rated Aa3/A. Auto dealers obtain lines of credit from manufacturers to finance their inventory of vehicles; they draw on it to purchase cars and trucks and use proceeds from vehicles sales to repay the line of credit.