Equipment Finance Company Closes 16th Asset-backed Security Transaction
Commercial Credit Group Inc. of North Carolina closes $397,080,000 term ABS (CCGR Trust 2023-1).
Posted: March 22, 2023
Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced that 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) 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.” stated Paul Bottiglio, CCG’s SVP and CFO. “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.
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