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Navitas Lease Completes $92.3MM Inaugural Term Securitization

January 07, 2014, 07:01 AM
Filed Under: Industry News

Navitas Lease Corp. announced the completion of its first term securitization of equipment loan and lease contracts, Navitas Equipment Receivables LLC 2013-1. Navitas issued $92.3 million of notes.  Bank of America Merrill Lynch was the Sole Book-Runner and Structuring Agent. Wells Fargo Securities was the Co-Manager.  The transaction has received strong investor demand and is performing well.  This milestone in the evolution of the company confirms Navitas as a significant emerging competitor in the equipment finance market.

Gary Shivers, President and CEO of Navitas stated, "This first transaction is a major step in validating that our strategy is proving to be a highly effective industry approach.  The closing of this initial securitization will help Navitas continue to meet the financing needs of our customers and provide the capital to assist us in achieving our corporate vision."
Navitas Lease Corp. issued Class A notes rated AA by DBRS and A3 by Moody's.  The Class B notes were rated A by DBRS and Baa2 by Moodys.  The Class C notes were rated BBB by DBRS.  This was a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended, by Navitas Equipment Receivables LLC 2013-1, a wholly owned subsidiary of Navitas Lease Corp.
Navitas is an equipment finance company headquartered in Ponte Vedra Beach, Florida, with offices in Parsippany, New Jersey, Mount Laurel, New Jersey and Columbia, South Carolina. The company provides equipment financing to small and medium sized businesses nationally, through developing referral programs with equipment vendors and through lease brokers in its RLC Funding Division.

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