Commercial Credit Group, an independent commercial equipment finance company, completed a $420.65 million term asset-backed security (ABS) transaction. The securitization is CCG’s largest offering to date and was placed with a group of fixed income investors representing 29 unique institutions. BMO Capital Markets served as structuring agent and lead bookrunner for the placement. The securitization is comprised of five notes with the following ratings:
“We’re appreciative of the continued enthusiastic support that we received from the investment community in the face of a tumultuous economic backdrop.” Paul Bottiglio, senior vice president and CFO of CCG, said. “This transaction helps to further diversify our funding sources as we continue to serve our middle-market customers.”
The pool of financing contracts supporting the securitization consist of CCG’s customer equipment finance originations in the construction, fleet transportation, manufacturing and waste equipment industries.
Supporting bank relationships is the centerpiece of Key Equipment Finance’s new go-to-market strategy, which fueled the bank’s recent decision to exit its commercial and municipal vendor finance business. “We had a very successful commercial vendor business that had been with... read more
“You have to be enthusiastic about what you do. Even if you don’t think it’s that interesting when you first start a job, if you learn about it, it will become interesting. And with enthusiasm, you can become successful.” The... read more