DLL Closes Seventh U.S. Securitization Transaction at $1B

DLL and AGCO, a designer, manufacturer and distributor of agricultural equipment, closed DLLAA 2021-1, a U.S. securitization transaction issuing notes totaling $1 billion. The notes are backed by loans and leases secured with agricultural equipment originated by AGCO Finance, a joint venture between DLL (51% ownership) and AGCO (49% ownership). Fitch Ratings and Moody’s rated the transaction F1+/P-1 and AAA/Aaa, respectively.

“This transaction reflects DLL’s commitment to the U.S. ABS (asset-backed securities) market,” Chris Morris, U.S. treasurer at DLL, said. “We are very pleased with the participation of the many new investors who have put trust and confidence in our portfolio.”

“I am proud of our team, who worked very hard to complete this transaction,” Marc Dierckx, CFO and member of the executive board for DLL, said. “It represents a real restart of our securitization strategy, with which we aim to diversify our funding base. It also reflects the promising and continued reemergence of the U.S. ABS market since the start of the coronavirus pandemic.”

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