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Balboa Capital Completes $201MM Securitization

November 03, 2020, 07:23 AM
Filed Under: Industry News

Balboa Capital, a direct lender that offers equipment financing and small business loans, announced it has closed its seventh equipment asset-backed securitization (ABS), a $201 million issuance. Truist Securities, Inc. served as structuring agent and was an initial purchaser of the notes and co-lead along with Credit Suisse Securities (USA) LLC. Capital One Securities, Inc. was an initial purchaser of the notes and co-manager.

In this offering, Balboa Capital issued six classes of notes that were rated by DBRS Morningstar, Moody’s Investors Service, Inc. and Kroll Bond Rating Agency (KBRA). The securitization included $68,770,000 of Class A1 notes, $71,944,000 of Class A2 notes, $38,088,000 of Class B notes, $8,464,000 of Class C notes, $8,464,000 of Class D notes and $5,290,000 of Class E notes.

“We are pleased with the strong execution and expanded investor participation in our seventh ABS deal, despite today’s challenging business environment,” said Matthew Goldenberg, Treasurer at Balboa Capital. “This successful transaction is an endorsement by investors and rating agencies, including an Aaa rating from Moody’s on the Class A2 notes, which is a first in Balboa Capital’s history. It substantiates the strong and consistent results of our portfolios, and reflects a strong testament to our investors’ trust and confidence in our business model for more than three decades. This securitization will allow us to continue supporting small and medium-sized businesses that need access to growth capital.

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