News and Press

CCG Closes $302,732,000 Term ABS (2019-1)

Posted 04.15.2019

CHARLOTTE, NC (April 15, 2019) – Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced the closing of a 144a privately-placed term asset-backed security (ABS) transaction (the 2019-1 transaction). The $302,732,000 financing was placed with a broad group of institutional investors. Wells Fargo Bank, N.A. served as Structuring Agent and Lead Bookrunner for the placement. The financing contracts supporting the security consist of a diverse pool of CCG’s customer contract originations in the transportation, construction, manufacturing and waste equipment segments. The multi-tranche placement carried the following ratings:

Notes S&P Fitch DBRS  Dollar Amount
Class A-1 A-1+ (sf) F1+ (sf) R-1 (h) (sf)  $  89,000,000
Class A-2 AAA (sf) AAA (sf) AAA (sf)  $175,280,000
Class B A (sf) A (sf) A (h) (sf)  $  30,236,000
Class C BBB+ (sf) BBB (sf) BBB (h) (sf)  $    2,216,000

“This is our tenth transaction since 2011, and our offerings total approximately $2.2 billion. We are appreciative of the continued support of the institutional ABS investor community. In a busy week of ABS placement and sales activity, our 2019-1 transaction received significant oversubscription in all classes and we were able to welcome several new investors to our 2019-1 transaction” stated Roger Gebhart, SVP and Chief Financial Officer. “The composition of the contracts included in this transaction reflect the industry and equipment composition of CCG’s portfolio and provides investors a great degree of industry and equipment diversity.”