Balboa Completes Largest Securitization in Company History at $409MM

Online lender Balboa Capital successfully completed a $409 million asset-backed securitization (ABS) of small and mid-ticket equipment loans and leases, its sixth and largest transaction to date.

Credit Suisse Securities and SunTrust Robinson Humphrey acted as initial purchasers of the notes and joint book runners, while Capital One Securities acted as an initial purchaser of the notes and co-manager.

In this offering, Balboa Capital issued five classes of notes that were rated by Moody’s Investors Service. The securitization included $120 million of Class A1 notes, $208.425 million of Class A2 notes, $38.062 million of Class B notes, $16.313 million of Class C notes, and $26.1 million of Class D notes.

Balboa Capital has issued in excess of $1.5 billion in lease and loan backed notes since its first securitization in 2008.

“We are extremely pleased to have completed our sixth and largest securitization,” said Heather Parker, controller at Balboa Capital. “This is the result of our strong financial performance over the past few years, and our technology-driven financing processes and products that are changing the way small business owners obtain growth capital. This securitization significantly increases our lending capacity, and it will allow us to continue supporting small businesses throughout the United States by providing them with fast, flexible funding to acquire equipment, technology, and vehicles, and to cover the cost of expansion initiatives, inventory, and day-to-day operating expenses.”

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