Wingspire Equipment Finance, a large-ticket equipment finance company, closed its second asset-backed securitization (ABS), WEF 2025-1. The transaction raised over $292 million and included six classes of notes, the uppermost of which received the highest achievable ratings of F1+/K1+ and AAA from Fitch Ratings and Kroll Bond Rating Agency.
The transaction was backed by a diverse portfolio of equipment loans and leases spanning numerous industries. The transaction was more than 6x oversubscribed, reflecting strong investor demand. The investment grade ratings and market enthusiasm were driven by the portfolio’s excellent credit performance, the management team’s cycle-tested experience, strong sponsorship, and the quality of Wingspire Equipment Finance’s originations platform, underwriting standards, and servicing capabilities. Over 20 prominent investors participated in the transaction.
“Last year we were honored to be the first large-ticket equipment finance company to achieve a AAA rating from a major rating agency on an inaugural issuance,” Eric Freeman, CEO of Wingspire Equipment Finance, said. “This year we were able to build on that momentum to deliver another excellent result for our team, our customers and our investors.”
David Wisen, CEO of parent company Wingspire Capital, said, “The Wingspire platform is committed to supporting the capital needs of middle market companies and their sponsors. This transaction allows us to better serve our clients while further diversifying and expanding our investor base.”
Wells Fargo Securities served as the transaction’s sole structuring agent and joint bookrunner. BofA Securities and Deutsche Bank Securities served as joint bookrunners. Texas Capital Securities served as co-manager. VedderPrice acted as legal counsel to Wingspire Equipment Finance and the issuer.
