GreatAmerica Financial Services closed its 23rd securitization of $549.277 million in privately placed bonds. S&P Global Ratings and Fitch Ratings rated 93.4% of the bonds in the transaction as AAA, the same as the company’s six prior transactions. To date, GreatAmerica issuances have totaled $9.3 billion.
“Our consistent access to the debt market is built on strong standards and strong relationships both inside and outside our organization,” Tony Golobic, executive chairman of GreatAmerica Financial Services, said. “The culture throughout our organization places hard work, integrity and excellence front and center, and those principles have been critical in building trust with investors, rating agencies and banks.”
GreatAmerica Financial Services will use proceeds from the transaction to pay off outstanding warehouse and revolving credit facility debt, resulting in liquidity to support future originations and business operations.
Investor interest in this transaction led to more than $1.5 billion in orders placed, which was nearly three times the amount of bonds offered. There were 34 unique investors, including seven new investors on this transaction, exceeding GreatAmerica’s investor numbers from last year (29 unique investors and six new investors).
