Navitas Credit completed its third and largest term securitization of equipment loan and lease contracts, Navitas Equipment Receivables LLC 2016-1. Navitas issued $205.1 million of notes. J.P. Morgan Securities was the structuring agent and along with Merrill Lynch, Pierce, Fenner & Smith were the joint bookrunners. SunTrust Robinson Humphrey was the co-manager.
Four classes of notes were issued in this transaction with the A-1 notes receiving an R-1 (high) rating by DBRS and a K1+ from Kroll Bond Rating Agency and the A-2 notes receiving the highest rating possible from DBRS and Kroll of AAA and A from Fitch. This was a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended, by Navitas Equipment Receivables LLC 2016-1, a wholly owned subsidiary of Navitas Credit.
“We are very proud of the excellent origination and servicing platform that we have built at Navitas and this is reflected in the ratings assigned by the rating agencies on this transaction along with the strong investor demand for our securities,” said Gary Shivers, president and CEO. “Navitas will continue to be a regular issuer in the securitization market while also increasing financing channels to maintain a diverse access of liquidity to even further grow our platform.”
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