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Commercial Credit Group Closes $326.9MM Term ABS

August 18, 2020, 07:25 AM
Filed Under: Industry News

Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, announced the closing of a 144a privately placed term asset-backed security (ABS) transaction (the 2020-1 transaction).

The $326,962,000 financing was placed with a broad group of fixed income investors, representing 28 unique institutions. BMO Capital Markets 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.

It is Charlotte-based company’s 12th asset-backed security transaction, bringing total offerings to nearly $3 billion.

“The company is pleased to have completed its twelfth term ABS transaction since 2011. The strong level of investor support is a reflection of our attention to credit quality, the diversity of the underlying assets, and the strength of our risk management. We are thrilled to continue expanding our relationships with the institutional market,” said 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.”

The multi-tranche placement carried the following ratings:

Class A-1; A-1+ (sf), S&P; F1+ (sf), Fitch; R-1 (high) (sf), DBRS; $72,400,000
Class A-2; AAA (sf), S&P; AAA (sf), Fitch;  AAA (sf), DBRS; $213,083,000
Class B; AA (sf), S&P; AA (sf), Fitch; AA (sf), DBRS; $17,297,000
Class C; A (sf), S&P; A (sf), Fitch; A (sf), DBRS; $15,786,000
Class D; BBB+ (sf), S&P; BBB+ (sf), Fitch; BBB (sf), DBRS; $8,396,000

Commercial Credit Group Inc. a wholly owned subsidiary of Commercial Credit, Inc. is an independent commercial finance company that provides equipment loans and leases to small and mid-sized businesses in the construction, fleet transportation, machine tool and manufacturing and waste industries. The company’s sales force is located throughout North America. Since its inception in 2004, CCG has originated over $5 billion of equipment loans and leases. CCG is headquartered in Charlotte, NC and operates full-service offices in Buffalo, NY and Naperville, IL.

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