Commercial Credit Group Closes $317MM ABS Transaction

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.”

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