MMP Capital closes $192M ABS deal
First ABS deal earned Aa3 Moody's rating
MMP Capital has closed its first asset-backed securitization, issuing $192 million in notes primarily backed by loans secured by medical aesthetic equipment contracts.
The transaction comprised 35 orders from 27 institutional investors, becoming nine times oversubscribed at final pricing, according to an MMP release today. Farmingdale, N.Y.-based MMP Capital provides equipment financing and unsecured financing, primarily focusing on healthcare equipment.
The senior tranche earned a Moody’s rating of Aa3, signaling strong confidence in the deal’s structure and the underlying assets.
“This inaugural ABS marks a pivotal milestone in our strategy to expand our existing business and explore new asset classes,” MMP Chief Executive John-Paul Smolenski stated in the release.
The transaction marks the company’s debut in the public capital markets and will support the expansion of its financing offerings across other equipment sectors. The deal comes amid increased selectivity across ABS markets, highlighting investor appetite for high-performing, sector-specific lending platforms.
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