Clarus Capital closes $332M ABS transaction
Deal brings equipment lender's total ABS volume past $600M
Clarus Capital has closed a $332 million asset-backed securitization backed by a portfolio of commercial equipment leases and loans across various industries.
The deal marks Clarus Capital’s second ABS, bringing the lender’s total securitization volume to more than $600 million, according to a Clarus release June 8. The senior securities received the highest possible short- and long-term ratings from Moody’s and Kroll Bond Rating Agency.
“This strategic financing provides long-term, cost-efficient matched funding, enhances our capital structure and further reduces our cost of capital, establishing a solid foundation for the firm’s future growth,” Chief Financial Officer Mike Eisenstein stated in the release.
Wells Fargo Securities was the structuring agent and bookrunner and Bank of America Securities served as co-manager. Clarus will continue servicing the assets, with U.S. Bank acting as backup servicer, administrator and custodian.
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