Commercial Credit Group closes $514M ABS deal
Transaction was equipment financier's largest ABS deal to date
Equipment financier Commercial Credit Group has finalized a $513.8 million term asset-backed security transaction, its largest to date.
The securitization was placed with a diverse group of institutional fixed-income investors, with Bank of America Securities serving as the structuring agent and lead bookrunner, according to an Oct. 17 Commercial Credit Group (CCG) release. Proceeds from the deal will fund continued loan and lease originations.
The transaction is backed by CCG’s originations in the construction, transportation, manufacturing and waste equipment sectors, as well as receivables from subsidiary Keystone Equipment Finance.
“We’re pleased to have completed our 20th term ABS transaction and appreciate the strong support from both new and returning investors,” Paul Bottiglio, chief financial officer at Charlotte, N.C.-based CCG, stated in the release. “This transaction, our largest to date, reflects continued confidence in our platform and enables us to further expand our ability to serve middle-market businesses with essential equipment financing.”
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