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Commercial Credit Group Closes $327.821MM Term ABS

February 17, 2021, 07:22 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 2021-1 transaction). The $327,821,000 financing was placed with a broad group of fixed income investors, representing 23 unique institutions.

Wells Fargo Securities 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. The multi-tranche placement carried the following ratings:
Class A-1: P-1 (sf), Moody’s; F1+ (sf), Fitch; R-1 (high) (sf), DBRS;    $74,700,000
Class A-2: Aaa (sf), Moody’s; AAA (sf), Fitch; AAA (sf), DBRS; $221,180,000
Class B: Aa2 (sf), Moody’s; AA (sf) Fitch; AA (sf), DBRS; $16,811,000
Class C: A2 (sf), Moody’s; A (sf), Fitch; A (sf), DBRS; $15,130,000

“CCG is pleased to have completed its 13th term ABS transaction since 2011. We are appreciative of the continued support of the institutional ABS investor community. Over a very busy period of ABS issuance, our 2021-1 transaction received significant oversubscription in each class and we also welcomed a number of new investors to our platform,” said Paul Bottiglio, Vice President and Treasurer. “The composition of the contracts included in this transaction reflect the industry, equipment and geographic diversity from which CCG’s portfolio benefits.”

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. CCG Equipment Finance Limited services the Canadian Provinces of Ontario, west to British Columbia, from its Canadian headquarters in Hamilton, Ontario.

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