Commercial Credit Group Closes $317MM ABS Transaction
NOV 15, 2019 - 6:20 am
Independent commercial equipment finance company Commercial Credit Group closed a 144a privately placed term asset-backed security (ABS) transaction (the 2019-2 transaction).
The $317.122 million financing was placed with a broad group of fixed income investors, representing 23 unique institutions. JPMorgan Securities served as structuring agent and lead bookrunner for the placement.
The financing contracts supporting the security consist of a diverse pool of CCG’s customer contract originations in the construction, fleet transportation, manufacturing and waste equipment industries.
The multi-tranche placement carried the following ratings:
Notes S&P Fitch Dollar Amount Class A-1 A-1+ (sf) F1+ (sf) $84 million Class A-2 AAA (sf) AAA (sf) $196.1 million Class B A (sf) A (sf) $28.903 million Class C BBB+ (sf) BBB+ (sf) $8.119 million
“This is CCG’s eleventh transaction since 2011 with offerings now totaling nearly $2.5 billion. The oversubscription in all classes reflects the diversity of the underlying assets, our attention to credit quality, and the strength of our risk management systems,” stated Paul Bottiglio, CCG vice president and treasurer. “We are appreciative of the continued support from the ABS investor community and are pleased to welcome several new investors to this transaction.”
Ken Walters found his industry niche at CIT, where he worked for 18 years across many disciplines, including internal audit, equipment finance, capital markets and equity investment. He then led Emigrant Bank’s private equity investment group, Emigrant Capital, for seven... read more
Sam Smith’s interest in equipment started at a young age, as his father was CEO of a manufacturer of injection molding machines. Smith initially became fascinated by the plastics and packaging industries, but as his career progressed, he and his... read more