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Balboa Capital Completes $409MM Securitization, Largest in Company’s History

October 23, 2019, 07:20 AM
Filed Under: Industry News
Related: Balboa Capital

Balboa Capital announced it has successfully completed a $409 million asset-backed securitization (ABS) of small and mid-ticket equipment loans and leases, its sixth and largest transaction to date.

Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey, Inc. were initial purchasers of the notes and joint book runners, and Capital One Securities, Inc. was an initial purchaser of the notes and co-manager. In this offering, Balboa Capital issued five classes of notes that were rated by DBRS and Moody’s Investors Service, Inc. The securitization included $120,000,000 of Class A1 notes, $208,425,000 of Class A2 notes, $38,062,000 of Class B notes, $16,313,000 of Class C notes, and $26,100,000 of Class D notes. Balboa Capital has issued in excess of $1.5 billion in lease and loan backed notes since its first securitization in 2008.

“We are extremely pleased to have completed our sixth and largest securitization,” said Heather Parker, Controller at Balboa Capital. “This is the result of our strong financial performance over the past few years, and our technology-driven financing processes and products that are changing the way small business owners obtain growth capital. This securitization significantly increases our lending capacity, and it will allow us to continue supporting small businesses throughout the United States by providing them with fast, flexible funding to acquire equipment, technology, and vehicles, and to cover the cost of expansion initiatives, inventory, and day-to-day operating expenses.”

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