GreatAmerica Financial Services closed its 27th term securitization, issuing $711,774,000 of privately placed bonds. S&P and Fitch rated 93.4% of the bonds as AAA, consistent with the ratings on the company’s prior ten transactions. With this issuance, GreatAmerica’s life-to-date bond offerings now total $12 billion.
“This securitization reinforces the strength of our business model and the confidence investors place in us,” said Martin Golobic, CEO of GreatAmerica. “It positions us to invest in our future, support our customers’ growth, and expand the opportunities we can create across the industries we serve.”
Proceeds from the securitization will be used to pay down outstanding warehouse and revolving credit facility debt, placing GreatAmerica in a strong liquidity position to continue supporting business operations and customer needs.
Investor demand was strong, with nearly $2.7 billion in orders placed, representing 3.8x the amount of bonds offered. A total of 37 unique investors participated in the transaction, including four new investors.
