April 18th, 2008
Contact: E. Roger Gebhart, Vice President/Treasurer
(704) 731-0031
COMMERCIAL CREDIT GROUP CLOSES $150 MILLION ASSET BACKED COMMERCIAL PAPER FACILITY WITH WELLS FARGO FOOTHILL, LLC.
Charlotte, NC (April 18, 2008) – Commercial Credit Group Inc. (CCG), announced today the closing of an asset backed commercial paper program with Wells Fargo Foothill, LLC who will serve as Administrative Agent and as a lender with a liquidity commitment provided by Wells Fargo Bank N.A. Also participating in this facility is Key Bank through Key Equipment Finance. Proceeds from the facility will be used to fund the Company’s growth.
“This expanded relationship with Wells Fargo Foothill and Key Bank is an additional step forward in our Company’s growth. Wells Fargo Foothill and Key Bank are extremely knowledgeable about the equipment finance sector and will continue to provide a highly capable financing source for our Company. Increasing this commercial paper funding program, in combination with our other funding programs, continues to diversify the Company’s funding programs, 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 the additional support from these financing providers.”
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.