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Commercial Credit Group Inc. Closes $420MM+ Term ABS

June 22, 2022, 07:22 AM
Filed Under: Industry News

Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company based in Charlotte, NC, announced it has completed a $420,650,000 term asset-backed security (ABS) transaction. It was the company’s 15th asset-backed security transaction.

The securitization was CCG’s largest offering to-date and was placed with a diversified group of fixed income investors, representing 29 unique institutions. BMO Capital Markets served as Structuring Agent and Lead Bookrunner for the placement. The securitization is comprised of five notes which carry the following ratings:
Class A-1 – P-1 (sf), Moody’s; F1+ (sf), Fitch; $92,500,000
Class A-2 – Aaa (sf), Moody’s; AAA (sf), Fitch; $283,130,000
Class B – Aa2 (sf), Moody’s; AA (sf), Fitch; $21,970,000
Class C – A2 (sf), Moody’s; A (sf), Fitch;    $14,270,000
Class D – Baa2 (sf), Moody’s; BBB (sf), Fitch; $8,780,000

“We’re appreciative of the continued enthusiastic support that we received from the investment community in the face of a tumultuous economic backdrop.” said Paul Bottiglio, CCG’s Senior Vice President and Chief Financial Officer. “This transaction helps to further diversify our funding sources, as we continue to serve our middle market customers.”

The pool of financing contracts supporting the securitization consist of CCG’s customer equipment finance originations in the construction, fleet transportation, manufacturing and waste equipment industries.

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

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