Wingspire Equipment Finance closes $292M ABS deal

Wingspire Equipment Finance has closed its second asset-backed securitization, raising more than $292 million in a transaction that was more than six times oversubscribed.

The deal included six classes of notes, with the top tranches earning the highest ratings of AAA and F1+/K1+ from Fitch Ratings and Kroll Bond Rating Agency, according to a release today by Tustin, Calif.-based Wingspire. The notes were backed by a portfolio of equipment loans and leases across multiple industries.

More than 20 investors participated in the transaction, reflecting strong demand driven by the portfolio’s credit performance, management experience and origination standards. The securitization will expand Wingspire’s ability to support middle-market companies and broaden its investor base.

“Last year we were honored to be the first large-ticket equipment finance company to achieve a AAA rating on an inaugural issuance,” Wingspire Equipment Finance Chief Executive Eric Freeman stated in the release. “This year we were able to build on that momentum to deliver another excellent result for our team, our customers and our investors.”

Wells Fargo Securities acted as sole structuring agent and joint bookrunner, alongside BofA Securities and Deutsche Bank Securities. Texas Capital Securities served as co-manager, while Vedder Price provided legal counsel.

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