Kroll Bond Rating Agency assigned preliminary ratings to six note classes of Ascentium Equipment Receivables 2017-1 Trust. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans.
This transaction is Ascentium Capital’s seventh securitization supported by small and mid-ticket general equipment. The transaction features a payment waterfall, whereby all collections after expenses and interest payments will pay down principal, until the target credit enhancement (10.25%) as a percentage of the current collateral balance is reached.
As of April 1, 2017, the collateral consists of equipment loans and leases totaling approximately $226.1 million. The balance of the collateral is subject to certain eligibility criteria and will be funded during a 90-day period following the closing date and will total approximately $25.2 million. The discounted balancefor the collateral as of April 1, 2017 is based on the projected equipment loan and lease cash flows discounted at a rate of 4.75%.
In the latest variation on “April Fool,” the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary will become effective in the U.S. on April 1, 2017. In one of its parting... read more
MONITOR: What was the most significant challenge you and your team faced going into 2016? BACCARO: SMBs tend to be reactionary with respect to capital investment and economic trends. At the commencement of last year, we were still being challenged,... read more