Charlotte, NC (September 18, 2015) – Commercial Credit Group Inc. (CCG) announces the closing of a 144a privately placed term asset-backed security (ABS) transaction. The $310,400,000 financing was placed with a broad group of institutional investors. The financing contracts included in the security consist of a diversified pool of CCG’s contract originations. The multi-tranche placement carried the following ratings:
|Class A-1||A-1+ (sf)||R-1(h) (sf)||.33 years||$ 83,400,000|
|Class A-2||AAA (sf)||AAA (sf)||1.43 years||$135,000,000|
|Class A-3||AAA (sf)||AAA (sf)||2.82 years||$ 70,400,000|
|Class B||A+ (sf)||A (sf)||3.16 years||$ 21,600,000|
J. P. Morgan Securities, LLC and Wells Fargo Securities, LLC served as Joint Bookrunners and SunTrust Robinson Humphrey, Inc. served as Co-Manager.
“The Company is pleased to have completed its fifth annual term ABS transaction. The transaction structure reflects the significant strength of CCG’s ABS financing program and underlying asset performance. The placement was oversubscribed in all classes and was very well received despite turbulent and uncertain market conditions. We look forward to further expanding our relationships with the institutional market,” said Roger Gebhart, SVP and Chief Financial Officer.
About Commercial Credit Group Inc.:
Commercial Credit Group Inc., a wholly owned subsidiary of Commercial Credit, Inc. is an independent, commercial equipment finance company that provides secured loans and leases to small and mid-sized businesses in the construction, fleet transportation and waste industries. Our sales force is located throughout North America and sources transactions through end users, equipment vendors and manufacturers with typical transaction sizes ranging from $100,000 to $2,500,000. Since its inception in 2004, CCG has originated over $2.2 billion of finance receivables. CCG is headquartered in Charlotte, North Carolina, and operates full service offices in Buffalo, NY, and Naperville, IL. CCG Equipment Finance Limited services the Canadian Provinces of Ontario, west to British Columbia, from its Canadian headquarters in Hamilton, Ontario. For more information, please visit www.commercialcreditgroup.com.