February 2, 2011
COMMERCIAL CREDIT GROUP INC. CLOSES PRIVATE PLACEMENT OF TERM ABS TRANSACTION
Charlotte, NC (February 2, 2011) – Commercial Credit Group Inc. (CCG), announced today the closing of a direct private placement of a term asset backed security (ABS) transaction. The debt placement was made to New York Life Investment Management. The transaction included approximately $70,000,000 of financing contracts and the associated debt placement was investment grade rated by DBRS Inc. SunTrust Robinson Humphrey, Inc. served as structuring advisor on the transaction. The pool of contacts financed consisted of a broadly diversified composition of CCG's overall contract originations reflective of the markets and industries in which CCG operates.
"CCG is excited to establish a new financing relationship with New York Life Investment Management. The company continues to diversify its financing capability as we execute our funding and growth plans," said Roger Gebhart, Vice President and Treasurer.
About Commercial Credit Group Inc.
CCG is a national independent commercial equipment finance and leasing company focused on purchase money and refinance transactions in the construction, fleet transportation and waste industries. We source our transactions through end-users, equipment vendors and manufacturers. Our typical transaction size ranges from $100,000 to $2,500,000. Headquartered in Charlotte, North Carolina, CCG also has a full-service office in Naperville, Illinois. Our experienced sales team operates throughout the United States. For more information, visit www.commercialcreditgroup.com.