Verdant Commercial Capital closes $400M securitization
Average original cost of equipment was $150K
Equipment financier Verdant Commercial Capital has closed its largest 144a term securitization, issuing $400.6 million in asset-backed notes.
The securitization is backed by a diversified portfolio of equipment leases and loans, including construction equipment, material handling equipment and vocational vehicles, according to a May 28 release by Cincinnati-based Verdant. The average original cost of the equipment was roughly $150,000.
The deal featured six classes of notes, with $339.3 million rated AAA by Moody’s and Fitch Ratings. Investor demand was strong, with 54 orders from 26 unique investors, including six first-time participants. The offering was oversubscribed more than three times.
“The broadening of our investor base and sustained demand not only provide ample liquidity to support our continued portfolio growth but deliver meaningful value to our bondholders,” Verdant Chief Financial Officer Robert Moskovitz stated in the release.
The deal marks Verdant’s fourth term securitization and its third 144a offering, a key component in supporting the firm’s lease and loan origination growth.
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