GreatAmerica closes $747.9M equipment finance-backed ABS transaction
Deal marks company’s 28th term securitization, draws 45 investors
GreatAmerica Financial Services has completed a $747.9 million asset-backed securitization backed by equipment leases and loans originated through its commercial equipment finance business.
The Cedar Rapids, Iowa-based lender said 93.4% of the securities issued in the transaction received AAA ratings from S&P Global Ratings and Fitch Ratings, consistent with its previous 11 securitizations, according to today’s GreatAmerica release.
The asset-backed securitization (ABS) includes leases and loans tied to a broad range of equipment categories, including office imaging systems, light industrial and construction equipment, franchise financing and other business-critical assets, according to the release.
GreatAmerica has been active in the ABS market for more than three decades and uses securitization as part of its funding strategy, according to the release. The latest deal represents the company’s 28th term securitization.
The transaction attracted participation from 45 unique investors, according to the release. Chief Executive Martin Golobic said the transaction reflects investor confidence in the company’s portfolio performance and long-term execution.
Founded in 1992, GreatAmerica is the largest family-owned commercial equipment finance company in the United States. The company manages more than $3.8 billion in assets and has originated nearly $20 billion in financing since inception.
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