Wells Fargo Agents $302.7MM+ ABS Transaction for CCG

Independent commercial equipment finance company Commercial Credit Group (CCG) closed a 144a privately-placed term asset-backed security (ABS) transaction (the 2019-1 transaction). The $302.732 million financing was placed with a broad group of institutional investors.

Wells Fargo Bank served as structuring agent and lead bookrunner for the placement.

The financing contracts supporting the security consist of a diverse pool of CCG’s customer contract originations in the transportation, construction, manufacturing and waste equipment segments. The multi-tranche placement carried the following ratings:

Notes S&P      Fitch DBRS  Dollar Amount
Class A-1 A-1+(sf) F1+ (sf) R-1(h)(sf) $89,000,000
Class A-2 AAA (sf) AAA (sf) AAA (sf) $175,280,000
Class B A (sf) A (sf) A(h)(sf) $30,236,000
Class C BBB+(sf) BBB (sf) BBB(h)(sf) $8,216,000

“This is our tenth transaction since 2011, and our offerings total approximately $2.2 billion. We are appreciative of the continued support of the institutional ABS investor community. In a busy week of ABS placement and sales activity, our 2019-1 transaction received significant oversubscription in all classes and we were able to welcome several new investors to our 2019-1 transaction” stated Roger Gebhart, CCG senior vice president and chief financial officer. “The composition of the contracts included in this transaction reflect the industry and equipment composition of CCG’s portfolio and provides investors a great degree of industry and equipment diversity.”

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