Commercial Credit Group (CCG), an independent commercial equipment finance company, finalized a $458.7 million term asset-backed security (ABS) transaction. The securitization was placed with a diverse group of institutional fixed income investors from 34 unique firms. JP Morgan Securities served as structuring agent and lead bookrunner for the placement.
The securitization is supported by CCG’s finance originations in the construction, fleet transportation, manufacturing and waste equipment industries. For the first time, CCG also included transportation and construction receivables originated by Keystone Equipment Finance. The transaction is comprised of five classes of notes which carry the following ratings:
- Class A-1; F-1+ (Fitch); P-1 (Moody’s); $95,200,000
- Class A-2; AAA (Fitch); Aaa (Moody’s); $303,711,000
- Class B; AA (Fitch); Aa2 (Moody’s); $23,339,000
- Class C; A (Fitch); A1 (Moody’s); $17,147,000
- Class D; BBB (Fitch); Baa2 (Moody’s); $19,291,000
“This is CCG’s largest transaction to date, and we’re appreciative of the continued and enthusiastic support of the institutional ABS investor community” Paul Bottiglio, senior vice president and chief financial officer of CCG, said. “This transaction received support from a number of new investors and further diversifies the company’s funding sources, allowing us to better serve our middle-market customers.”
