March 7th, 2007
Contact: E. Roger Gebhart, Vice President/Treasurer
(704) 731-0031
COMMERCIAL CREDIT GROUP CLOSES $100 MILLION ASSET BACKED COMMERCIAL PAPER FACILITY WITH CITIBANK, N.A.
Charlotte, NC (March 7, 2007) – Commercial Credit Group Inc. (CCG), announced today the closing of an asset backed commercial paper program with Citibank, N.A. Proceeds from the facility will be used to fund the Company’s growth.
“This new relationship with Citibank is a significant step in our Company’s growth. Citibank is extremely capable in asset backed securities and related financing activity. Combining the Citibank program with our current commercial paper funding program further diversifies the Company’s funding structure, increases our capacity, and strengthens our capabilities as we continue to grow and expand our business,” said Dan McDonough, CEO of CCG. “We are very excited to have Citibank as a financing provider.”
About Commercial Credit Group Inc.
Commercial Credit Group is a national commercial equipment finance and leasing company focused on purchase money and refinance transactions in the construction, fleet transportation and waste industries. Transactions are sourced through end-users and equipment vendors and manufacturers with a typical transaction size of $100,000 to $2,000,000. The Company is headquartered in Charlotte, NC with a full-service office in Naperville, IL. For more information about Commercial Credit Group, please visit www.commercialcreditgroup.com.