GreatAmerica Completes 19th Term Securitization

GreatAmerica Financial Services completed its 19th term securitization of $656.4 million in privately placed bonds with institutional investors.

GreatAmerica uses proceeds from its securitizations to pay off debt in its warehouse and credit facilities to support continuous growth.

Orders topped out at $2.2 billion, reflecting an investor demand more than triple the amount offered. In a repeat of the last two years’ term securitizations, 93.4% of the bonds were rated AAA. Of the 32 investors participating, three were new purchasers of GreatAmerica bonds. Since 1995, GreatAmerica has issued nearly $7 billion in asset-backed securities.

“It’s an honor to see continued and consistent interest in GreatAmerica receivables among institutional investors,” said GreatAmerica Chairman and Chief Executive Officer Tony Golobic. “This in turn helps us deliver consistent quality to our customers and help them be more successful.”

According to S&P Global Ratings presale report, “GreatAmerica is distinct from many other small-ticket leasing companies in that it has continued to grow its portfolio, even during downturns in the economic cycle…” The report also noted: “GreatAmerica has successfully serviced each of its 18 previous securitizations since 1995. The company is distinct from many other small-ticket equipment leasing companies because it benefits from long tenure and senior management continuity.”

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