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GreatAmerica Places Half-Billion in Bonds

May 25, 2023, 07:15 AM
Filed Under: Industry News

GreatAmerica Financial Services Corporation announced it closed its 23rd securitization of $549,277,000 in privately placed bonds. S&P and Fitch rated 93.4 percent of the bonds in the transaction as “AAA,” the same as the prior six transactions from GreatAmerica. To date, GreatAmerica issuances have totaled $9.3 billion.

“Our consistent access to the debt market is built on strong standards and strong relationships both inside and outside our organization,” said GreatAmerica Executive Chairman Tony Golobic. “The culture throughout our organization places hard work, integrity, and excellence front and center, and those principles have been critical in building trust with investors, rating agencies and banks.”

Proceeds from the transaction will pay off outstanding warehouse and revolving credit facility debt, resulting in substantial liquidity to support future originations and business operations. This liquidity in turn supports the business goals of GreatAmerica equipment vendors.

Investor interest was strong as evidenced by over $1.5 billion in orders placed, nearly three times the amount of bonds offered. There were 34 unique investors including seven new investors, exceeding last year’s investor numbers of 29 and six respectively.

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