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Pawnee Leasing Closes Marketed Securitization for $356MM

October 27, 2021, 07:20 AM
Filed Under: Industry News

Chesswood Group Limited announced that its subsidiary Pawnee Leasing Corporation has closed its marketed U.S. securitization of receivables. Proceeds from this securitization totaled $356 million and will be used to repay Pawnee's warehouse facility and more than $140 million of Chesswood’s corporate revolving credit facility.

“This transaction substantially improves Chesswood’s financial position by increasing liquidity and providing us with an approximate 100bps improvement in our cost-of-funds. The success of this asset-backed securitization is evidence of Pawnee’s high-quality portfolio and further demonstrates Chesswood’s ability to manage treasury and funding resources, allowing us to continue to grow the business,” said Ryan Marr, Chesswood’s President and CEO.

Through two wholly owned subsidiaries in the United States and two subsidiaries in Canada, Chesswood Group Limited is North America's only publicly traded commercial equipment finance company focused on small and medium-sized businesses.

Colorado-based Pawnee Leasing Corporation, founded in 1982, finances a highly diversified portfolio of commercial equipment leases and loans through relationships with over 600 independent brokers in the United States. Tandem Finance Inc. provides financing in the U.S. through the equipment vendor channel. In Canada, Blue Chip Leasing Corporation has been originating and servicing commercial equipment leases and loans since 1996, and today operates through a nationwide network of more than 50 independent brokers. Vault Credit Corporation specializes in equipment leases and commercial loans across Canada, allowing for customizable financing solutions while catering to a wide spectrum of credit tiers, equipment types and sectors by offering industry-leading service levels, experienced underwriters and account administrators.

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