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GreatAmerica Completes 13th Term Securitization

February 28, 2014, 06:15 AM
Filed Under: Industry News

GreatAmerica Financial Services Corporation completed its 13th term securitization today in the amount of $423.5 million. The proceeds will pay off various borrowed amounts, resulting in unused credit facilities in the amount of $875 million for future growth.

The placement agents of the notes were Wells Fargo Securities and BofA Merrill Lynch, with SunTrust Robinson Humphrey and BMO Capital Markets acting as co-managers. Since 1995, GreatAmerica has issued $3.7 Billion in securitized notes through thirteen transactions. Investor demand for this transaction was high, resulting in orders for nearly three times the notes issued. There were 28 institutional investors participating in this year’s transaction.

“Our reputation with investors, ratings agencies, and banks continues to strengthen each year,” said GreatAmerica Chairman and CEO Tony Golobic. “This is a reflection of our consistently high portfolio credit quality, strong profitability, and solid growth in each of our twenty-one years.”

Fitch and Standard & Poor’s ratings agencies rated 88% of the notes being issued with a AAA credit rating—a testament to exceptional GreatAmerica portfolio performance.

Founded in Cedar Rapids, Iowa in 1992, GreatAmerica is a $1.5 billion national commercial equipment finance company. GreatAmerica is dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. GreatAmerica is over 91% employee-owned and provides financing and niche market-focused services in all fifty states and several U.S. Territories. GreatAmerica has a staff of over 400 employees with offices in Iowa, Minnesota, Missouri and Georgia.

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