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DLL Closes Third 2019 Deal, Sixth Securitization Transaction for $443MM

July 31, 2019, 07:25 AM
Filed Under: Industry News

Global vendor finance company DLL announced the closing of DLL 2019-2 ABS (Asset Backed Securities) securitization transaction in the United States for $443 million.

The transaction is an inaugural securitization sponsored by Mahindra Finance USA LLC, a joint venture between De Lage Landen Financial Services, Inc. and Mahindra & Mahindra Financial Services Limited. Mahindra Finance USA provides equipment finance solutions to facilitate the sale of Mahindra branded equipment primarily focused on agricultural equipment.

This is the sixth ABS transaction (and fifth in United States) for DLL since November 2017 totaling over $3.7 billion. This securitization is backed primarily by a portfolio less than 100 horsepower tractors and related attachments in the United States. The transaction included only AAA notes rated A1+/P1 or AAA / Aaa by Standard & Poor’s and Moody’s, respectively.

“2019-2 ABS transaction is the testament to investor’s trust and confidence in DLL’s ABS strategy and continued support of various DLL’s origination channels and diversified business platforms,” said Matthew Goldenberg, DLL Vice President Capital Markets.

“DLL is on target to expand our capital markets initiatives by further diversifying our funding sources pursuant to our strategic plan,” said Marc Dierckx, DLL Chief Financial Officer and member of the Executive Board.

The Mahindra Group is a $20.7 billion federation of companies. It enjoys a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume.  It also has a strong presence in agribusiness, aerospace, commercial vehicles, components, defense, logistics, real estate, renewable energy, speedboats and steel, among other businesses. Headquartered in India, Mahindra employs over 240,000 people across 100 countries.

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