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CCG News - 13th Term ABS

CCG Closes $327,821,000 ABS Deal 2021-1

Posted 02.16.2021

CHARLOTTE, NC (February 16, 2021) – 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 2021-1 transaction). The $327,821,000 financing was placed with a broad group of fixed income investors, representing 23 unique institutions. Wells Fargo Securities served as Structuring Agent and Lead Bookrunner for the placement. This is the company's thirteenth ABS transaction and brings total offerings to over $3 billion.

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. The multi-tranche placement carried the following ratings:

Notes                  Moody's           Fitch               DBRS                   Dollar Amount

Class A-1             P-1 (sf)             F1+ (sf)             R-1 (high) (sf)       $74,700,000               

Class A-2            Aaa (sf)           AAA (sf)           AAA (sf)              $221,180,000

Class B               Aa2 (sf)            AA (sf)              AA (sf)                $16,811,000

Class C               A2 (sf)              A (sf)                A (sf)                   $15,130,000

 

CCG is pleased to have completed its thirteenth term ABS transaction since 2011. We are appreciative of the continued support of the institutional ABS investor community. Over a very busy period of ABS issuance, our 2021-1 transaction received significant oversubscription in each class and we also welcomed a number of new investors to our platform” stated Paul Bottiglio, Vice President and Treasurer. “The composition of the contracts included in this transaction reflect the industry, equipment and geographic diversity from which CCG’s portfolio benefits.”

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