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Pawnee Leasing Closes Marketed Securitization for $347MM

August 12, 2022, 07:23 AM
Filed Under: Industry News

Chesswood Group Limited announced its subsidiary, Pawnee Leasing Corporation, has closed its marketed U.S. securitization of receivables. Proceeds from this securitization totaled $347 million and will be used to repay Pawnee's warehouse facility and more than $75 million of Chesswood's corporate revolving credit facility.

"This transaction strengthens both Pawnee's and Chesswood's financial positions. 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 three wholly owned subsidiaries in the United States and five subsidiaries in Canada, two of which are wholly owned, Chesswood Group Limited is a North American specialty finance company publicly traded on the Toronto Stock Exchange. Colorado-based Pawnee, founded in 1982, finances a highly diversified portfolio of commercial equipment leases and loans through relationships with over 600 brokers in the United States.

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