North Mill closes $440M ABS deal
Company's cumulative issuance volume exceeds $3.5B
North Mill Equipment Finance closed a $440 million asset-backed securitization, marking its 11th equipment finance transaction and pushing total issuance past $3.5 billion.
The transaction drew participation from 43 unique investors, including 12 first-time buyers, reflecting higher market confidence in its platform and credit performance, according to a release today from North Mill Equipment Finance (NMEF). NMEF’s $3.5 billion in total issuance began with its first asset-backed securitization (ABS) deal in 2015.
The deal came in nearly seven times oversubscribed, generating demand across the capital structure and resulting in favorable pricing compared with initial guidance, according to the release. The securitization contains a pool of commercial equipment finance receivables originated and serviced by NMEF.
Based in Norwalk, Conn., NMEF finances small- to mid-ticket commercial equipment leases and loans ranging from $15,000 to $3 million, and up to $5 million for investment-grade opportunities, according to the release. The company serves A through C credit profiles and supports a range of asset categories, including medical, construction, franchise, technology, vocational, manufacturing and material handling equipment.
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