GreatAmerica Financial Services closed its 26th term securitization with $692,584,000 of privately placed bonds. S&P and Fitch rated 93.4% of the bonds in the transaction as AAA, unchanged from the prior nine transactions from GreatAmerica. This transaction brings GreatAmerica’s life-to-date bond issuances to $11.2 billion.
“Teamwork drives our success at GreatAmerica. Our consistent strong performance continues to be well recognized in the debt markets, leading to outstanding outcomes,” states Scott Rheinschmidt, executive vice president and chief financial officer at GreatAmerica. “The successful execution of our most recent bond offering reflects the dedication, expertise, and value our GreatAmerica team members deliver daily, empowering our customers to thrive.”
Proceeds from the transaction will pay off outstanding warehouse and revolving credit facility debt, placing GreatAmerica in a strong liquidity position to continue to support business operations and serve its customers.
A February 2025 S&P Global Ratings presale report stated, “GreatAmerica has successfully serviced each of its 25 previous securitizations since 1995. The company is distinct from many other small-ticket equipment leasing companies because it benefits from long tenure and senior management continuity.”
Investor interest was strong, as evidenced by nearly $4.3 billion in orders placed, 6.2 times the amount of bonds offered. There were 36 unique investors that participated in the bond transaction, including three new investors.
