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Crossroads Equipment Lease & Finance Closes $163MM Equipment Securitization

February 10, 2021, 07:22 AM
Filed Under: Industry News

Crossroads Equipment Lease and Finance, LLC recently priced its $163 million ABS debut backed by commercial truck loans to solid demand, reducing its cost of borrowing and enabling expanded funding options. Crossroads closed the equipment securitization on Feb. 3, through Crossroads Asset Trust 2021-A.

This is Crossroads’ first securitization transaction, collateralized by a segregated pool of commercial loan contracts financing commercial trucks and trailers. The securitization included classes of notes rated AAA(sf) to BB(sf) by DBRS, based on, among other things, its analysis of the loan portfolio and Crossroads’ management team, which has a solid track record of originating and servicing commercial equipment loans.

“The execution of this transaction indicates strong demand, and solid portfolio performance,” said Crossroads’ President Howard Shiebler. “It gives us access to diversified capital sources to support our growth, and shows our commitment to utilizing the term securitization market as an important liquidity source.”

The transaction had strong subscription levels and was syndicated to several investors. Credit Suisse acted as Sole Structuring Agent and Sole Bookrunner, with GreatAmerica Portfolio Services Group as the backup servicer of the transaction.

“The strong interest in this transaction illustrates the substantial support we have earned from our investors,” said Crossroads Chief Financial Officer Michael Jones.

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