Commercial Credit Group Closes $326.9MM Term ABS (2020-1)

Commercial Credit Group, an independent commercial equipment finance company, closed a 144a privately-placed term asset-backed security (ABS) transaction (the 2020-1 transaction). The $326,962,000 financing was placed with a broad group of fixed income investors, representing 28 unique institutions.

BMO Capital Markets 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               DBRS             Dollar Amount

Class A-1        A-1+ (sf)         F1+ (sf)           R-1 (high) (sf) $72,400,000

Class A-2        AAA (sf)         AAA (sf)         AAA (sf)         $213,083,000

Class B             AA (sf)           AA (sf)            AA (sf)            $17,297,000

Class C             A (sf)             A (sf)               A (sf)               $15,786,000

Class D             BBB+ (sf)      BBB+ (sf)       BBB (sf)          $8,396,000

“The company is pleased to have completed its 12th term ABS transaction since 2011. The strong level of investor support is a reflection of our attention to credit quality, the diversity of the underlying assets, and the strength of our risk management. We are thrilled to continue expanding our relationships with the institutional market,” Paul Bottiglio, vice president and treasurer, said. “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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