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GreatAmerica Announces $637MM Term Securitization

October 14, 2022, 07:24 AM
Filed Under: Industry News

GreatAmerica Financial Services Corporation announced it successfully closed its 22nd term securitization of $637 million in privately placed bonds. S&P and Fitch rated 93.4 percent of the bonds being issued at AAA, with S&P moving to improve the A+ bond rating segment to AA-. GreatAmerica has now issued $8.7 billion in bonds since inception.

Proceeds from the transaction will pay off debt from warehouse and revolving credit facilities, putting GreatAmerica in an even stronger liquidity position to support its equipment vendors.

“There is much effort by many GreatAmericans involved in successfully bringing a transaction like this to the market,” said GreatAmerica Executive Chairman Tony Golobic. “The consistent and dedicated focus of our GreatAmericans continues to impress the investment community and build trust among our financial partners.”

Demand was strong as investors placed orders of $1.5 billion – more than double the amount offered.  Participation was highlighted by 29 unique investors, including six new investors.

GreatAmerica is the largest independent, family-owned national commercial equipment finance company in the U.S. An over $2.5 billion company with life-to-date finance originations of over $14 billion, GreatAmerica was established in Cedar Rapids, IA in 1992 and has a staff of over 600 employees with offices in Iowa, Georgia, Minnesota and Illinois.

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