Manufacturing-Equipment Finance Company Closes Security Transaction Worth $319 Million
Commercial Credit Group Inc. (CCG) has announced the closing of a 144a privately-placed, term asset-backed security (ABS) transaction worth $319,395,000.
Posted: November 3, 2021
CCG (Charlotte, NC) is an independent, commercial finance company that provides equipment loans and leases to small and mid-sized businesses in several major industries, including the machine tool and manufacturing industries.
This was the 14th ABS transaction closed by CCG. The financing was placed with a broad group of fixed-income investors, representing 24 unique institutions. JP Morgan Securities LLC served as the structuring agent and lead bookrunner for the placement. The multi-tranche placement carried the following ratings:
Notes Moody’s S & P Dollar Amount
Class A-1 P-1 (sf) A-1+ (sf) $71,000,000
Class A-2 Aaa (sf) AAA (sf) $217,275,000
Class B Aa2 (sf) AA (sf) $16,379,000
Class C A2 (sf) A (sf) $14,741,000
“Once again, we received significant oversubscription in each class and welcomed a number of new investors to our platform,” said Paul Bottiglio, SVP and CFO. “The continued support of the investment community is a reflection of the strength of our portfolio, the historical performance of our previous securitizations, and the company’s consistent underwriting policies and procedures.”
The financing contracts supporting the security consist of a diverse pool of CCG’s customer contract originations in the construction, fleet transportation, manufacturing, and waste equipment industries.
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