Equipment Finance Company CCG Closes $420,650,000 Term ABS
The financing supports the securitization of CCG’s customer equipment finance originations in manufacturing and other industries.
Posted: June 24, 2022
Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, recently announced that it has completed a $420,650,000 term asset-backed security (ABS) transaction. It marks the Charlotte, N.C.-based equipment finance company’s 15th asset-backed security transaction The securitization was CCG’s largest offering to-date and was placed with a diversified group of fixed income investors, representing 29 unique institutions. BMO Capital Markets served as Structuring Agent and Lead Bookrunner for the placement. The securitization is comprised of 5 notes which carry the following ratings:
Notes Moody’s Fitch Dollar Amount
Class A-1 P-1 (sf) F1+ (sf) $92,500,000
Class A-2 Aaa (sf) AAA (sf) $283,130,000
Class B Aa2 (sf) AA (sf) $21,970,000
Class C A2 (sf) A (sf) $14,270,000
Class D Baa2 (sf) BBB (sf) $8,780,000
“We’re appreciative of the continued enthusiastic support that we received from the investment community in the face of a tumultuous economic backdrop.” stated Paul Bottiglio, CCG’s SVP and CFO. “This transaction helps to further diversify our funding sources, as we continue to serve our middle market customers.”
The pool of financing contracts supporting the securitization consist of CCG’s customer equipment finance originations in the construction, fleet transportation, manufacturing, and waste equipment industries.
About Commercial Credit Group Inc.
Commercial Credit Group Inc. 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. The company’s sales force is located throughout North America. Since its inception in 2004, CCG has originated over $5 billion of equipment loans and leases. CCG is headquartered in Charlotte, NC.
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