News and Press

CCG Closes $317,122,000 Term ABS

Posted 11.14.2019

CHARLOTTE, NC (November 14, 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 2019-2 transaction). The $317,122,000 financing was placed with a broad group of fixed income investors, representing 23 unique institutions. JP Morgan Securities LLC 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 construction, fleet transportation, manufacturing and waste equipment industries. The multi-tranche placement carried the following ratings:

Notes                  S&P                   Fitch                  Dollar Amount

Class A-1             A-1+ (sf)            F1+ (sf)                 $ 84,000,000               

Class A-2            AAA (sf)            AAA (sf)               $ 196,100,000

Class B                A (sf)                A (sf)                    $ 28,903,000

Class C               BBB+ (sf)           BBB+ (sf)              $ 8,119,000

 

“This is CCG’s eleventh transaction since 2011 with offerings now totaling nearly $2.5 billion. The oversubscription in all classes reflects the diversity of the underlying assets, our attention to credit quality, and the strength of our risk management systems,” stated Paul Bottiglio, Vice President and Treasurer. “We are appreciative of the continued support from the ABS investor community and are pleased to welcome several new investors to this transaction.”