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Commercial Credit Group Closes 16th Asset-Backed Security Transaction, $397MM+

March 21, 2023, 07:18 AM
Filed Under: Finance News

Charlotte, NC-based equipment finance company Commercial Credit Group Inc. (CCG) announced it has finalized a $397,080,000 term asset-backed security (ABS) transaction. The securitization was placed with a diversified group of fixed income investors from 34 unique institutions. BofA Securities, Inc. served as Structuring Agent and Lead Bookrunner for the placement. The securitization is comprised of four classes of notes which carry the following ratings:

Notes, S&P, Fitch, Dollar Amount

Class A-1, A-1+ (sf), F1+ (sf), $114,500,000

Class A-2, AAA (sf), AAA (sf), $240,360,000

Class B, AA (sf), AA (sf), $19,010,000

Class C, A (sf)m A (sf), $23,210,000

“CCG is pleased to have completed its sixteenth term ABS transaction since 2011. We are appreciative of the continued support from the institutional ABS investor community which is reflected in the high levels of oversubscription on the transaction,” said Paul Bottiglio, CCG’s Senior Vice President and Chief Financial Officer. “This transaction further diversifies our funding sources helping us to more efficiently meet the financing needs of our middle market customers.”

The securitization pool is supported by CCG’s finance contract originations in the construction, fleet transportation, manufacturing and waste equipment industries.

Commercial Credit Group, 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. Since its inception in 2004, CCG has originated over $6 billion of equipment loans and leases.

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