Commercial Credit Group Closes $397.08MM Term ABS

Commercial Credit Group finalized a $397.080 million term asset-backed security (ABS) transaction (CCGR Trust 2023-1). The securitization was placed with a group of fixed income investors from 34 institutions. BofA Securities served as structuring agent and lead bookrunner for the placement. The securitization is comprised of four classes of notes which carry the following ratings:

Notes               S&P                Fitch                           Dollar Amount

Class A-1        A-1+ (sf)         F1+ (sf)                       $114.5 million

Class A-2        AAA (sf)         AAA (sf)                     $240.36 million

Class B            AA (sf)            AA (sf)                        $19.010 million

Class C            A (sf)               A (sf)                           $23.21 million

“CCG is pleased to have completed its 16th term ABS transaction since 2011. We are appreciative of the continued support from the institutional ABS investor community, which is reflected in the high levels of oversubscription on the transaction.” Paul Bottiglio, senior vice president and CFO of Commercial Credit Group, said. “This transaction further diversifies our funding sources, helping us to more efficiently meet the financing needs of our middle-market customers.”

The securitization pool is supported by Commercial Credit Group’s finance contract originations in the construction, fleet transportation, manufacturing and waste equipment industries.

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