GreatAmerica Financial Services has closed on its 25th term securitization with approximately $641.9 of privately-placed bonds. S&P and Fitch rated 93.4% of the bonds in the transaction as AAA, unchanged from the prior eight transactions from GreatAmerica. This transaction brings GreatAmerica’s life-to-date bond issuances to $10.5 billion.
“A strong company culture and consistent performance have enabled us to access the debt markets and achieve great results,” Martin Golobic, CEO of GreatAmerica, said. “We are very pleased with the execution of our latest bond offering and owe it to our GreatAmerica team members for the quality, expertise and value they bring every day helping our customers achieve greater success.”
Proceeds from the transaction will pay off outstanding warehouse and revolving credit facility debt.
Investor interest was strong, with nearly $3 billion in orders placed — 4.5 times the amount of bonds offered. There were 40 unique investors that participated in the bond transaction, including nine new investors.
