Stonebriar Commercial Finance closed its previously announced fifth commercial equipment asset-backed securitization, SCFET 2019-1, a $650 million ABS issuance with top tranches rated triple A.

SCFET 2019-1 is secured by a portfolio of commercial equipment loans and leases across a variety of asset classes including rail, aviation, marine transportation, energy, real estate, and manufacturing.   The A-1 and A-2 tranches of the transaction received ratings of Aaa and AAA from Moody’s Investors Service and Kroll Bond Rating Agency, respectively.

Merrill Lynch served as lead structuring agent and joint bookrunner.   Credit Suisse Securities (USA) served as co-structuring agent and joint bookrunner.  Stonebriar will continue to service the assets with US Bank as backup servicer.

Dave B. Fate, President and CEO of Stonebriar, said, “Since June 2016, Stonebriar has executed five equipment securitization transactions totaling over $2.2 billion, attracting significant demand from a diverse group of domestic and international institutional investors.  SCFET 2019-1 is our largest and most successful ABS issuance to date, delivering the most cost-effective, long-term financing we have achieved thus far.”

Eldridge Industries invests across diversified industries with a focus on: asset management and leasing; food, convenience, and consumer experiences; real estate lending and development; retirement income, insurance, and insurance technology; sports and media.