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Commercial Credit Group Closes $251MM Term ABS

August 30, 2018, 07:20 AM

Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, announced the closing of a 144a privately placed term asset-backed security (ABS) transaction (the 2018-2 transaction).

The $251,673,000 financing was placed with a broad group of institutional investors. BMO Capital Markets Corp. served as Structuring Agent and Lead Bookrunner for the placement. The financing contracts supporting the security consist of a diverse pool of CCG’s customer contract originations in the transportation, construction, manufacturing and waste equipment segments.

The multi-tranche placement carried the following ratings:

  • Class A-1: A-1+ (sf), S&P; F1+ (sf), Fitch; $61,000,000;       
  • Class A-2: AAA (sf), S&P; AAA (sf), Fitch; $158,070,000;
  • Class B: A (sf), S&P; A (sf), Fitch; $25,773,000;
  • Class C: BBB+ (sf), S&P; BBB (sf), Fitch; $6,830,000.

“This is our ninth transaction since 2011, and our offerings total approximately $1.9 billion. We are appreciative of the continued support of the institutional ABS investor community. Our 2018-2 transaction received significant oversubscription in all classes and we are pleased to have several new investors in this placement,” said Roger Gebhart, Senior Vice President and Chief Financial Officer. “The composition of the contracts included in this transaction reflect the industry and equipment diversity CCG benefits from, in the segments we serve, including the growing segment of machine tool and manufacturing equipment originated through Manufacturers Capital.”

Charlotte, NC-based Commercial Credit Group Inc., a wholly owned subsidiary of Commercial Credit, Inc. is an independent, commercial equipment finance company that provides secured loans and leases to small and midsize businesses in the construction, fleet transportation, machine tool and manufacturing, and waste industries.

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