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Commercial Credit Group Closes $302.7MM Term Asset-Backed Security

April 16, 2019, 07:06 AM

Commercial Credit Group Inc. (CCG) announced the closing of a 144a privately placed term asset-backed security (ABS) transaction (the 2019-1 transaction). The $302,732,000 financing was placed with a broad group of institutional investors.

Wells Fargo Bank, N.A. 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 (notes, rating agency, rating and dollar amount):

Class A-1 — S&P, A-1+ (sf); Fitch, F1+ (sf); DBRS, R-1(h) (sf); $89,000,000       
Class A-2 — S&P, AAA (sf); Fitch, AAA (sf); DBRS, AAA (sf); $175,280,000
Class B — S&P, A (sf); Fitch, A (sf); DBRS, A (h) (sf); $30,236,000
Class C — S&P, BBB+ (sf); Fitch, BBB (sf); DBRS, BBB (h) (sf); $8,216,000

“This is our tenth transaction since 2011, and our offerings total approximately $2.2 billion. We are appreciative of the continued support of the institutional ABS investor community. In a busy week of ABS placement and sales activity, our 2019-1 transaction received significant oversubscription in all classes and we were able to welcome several new investors to our 2019-1 transaction,” said Roger Gebhart, Senior Vice President and Chief Financial Officer. “The composition of the contracts included in this transaction reflect the industry and equipment composition of CCG’s portfolio and provides investors a great degree of industry and equipment diversity.”

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