Navitas Lease announced the completion of its first term securitization of equipment loan and lease contracts, Navitas Equipment Receivables LLC 2013-1. Navitas issued $92.3 million of notes.

Navitas said Bank of America Merrill Lynch was the sole book-runner and structuring agent. Wells Fargo Securities was the co-manager. The transaction has received strong investor demand and is performing well.

Gary Shivers, president and CEO of Navitas stated, “This first transaction is a major step in validating that our strategy is proving to be a highly effective industry approach. The closing of this initial securitization will help Navitas continue to meet the financing needs of our customers and provide the capital to assist us in achieving our corporate vision.”