North Mill Announces $456MM Term Securitization

North Mill Equipment Finance closed its seventh asset-backed securitization, NMEF Funding 2023-A. The $456 million transaction is North Mill’s first asset-backed securities transaction this year, bringing the total privately placed bond proceeds raised by North Mill since inception to $1.9 billion. NMEF 2023-A featured four classes of notes with the A note split into two tranches, one of which was the first money market note issuance by North Mill to utilize a Moody’s AAA rating.

“Amid a busy week of $18 billion in new ABS issuances, the NMEF offering garnished ~2X orders on the initial notes. This strong interest by institutional investors allowed NMEF to upsize the initial offering ~12% in the middle of pre-marketing, ending with a book of 38 orders by 27 unique investors, making it NMEF’s largest ABS transaction ever,” Mark Bonanno, president and chief operating officer of North Mill, said.

“This transaction provides NMEF with continued diversity of capital during a challenging economic cycle that has featured a record 11 consecutive Fed interest rate hikes going back to early 2022, with the Fed bringing their benchmark interest rate to their highest level in 22 years,” Mitch Tobak, vice president, corporate development at North Mill, said. “We are grateful for the continued support of our 200+ referral partners and the approximately 13,000 active borrowers and lessees they have referred to NMEF.”

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