Charlotte-based equipment
finance company closes its eighteenth asset-backed security
transaction, providing funding for ongoing growth.
CHARLOTTE, N.C., Aug. 14,
2024 /PRNewswire-PRWeb/ -- Commercial Credit Group
Inc. (CCG), an independent commercial equipment finance company,
today announced that it has finalized a $458,688,000 term asset-backed security (ABS)
transaction. The securitization was placed with a diverse group of
institutional fixed income investors from 34 unique firms. JP
Morgan Securities, LLC served as Structuring Agent and Lead
Bookrunner for the placement.
The securitization is supported by CCG's finance originations in
the construction, fleet transportation, manufacturing, and waste
equipment industries. For the first time, CCG also included
transportation and construction receivables originated by Keystone
Equipment Finance Corp. The transaction is comprised of five
classes of notes which carry the following ratings:
Notes
Fitch Moody's Dollar
Amount
Class A-1
F-1+ P-1 $95,200,000
Class A-2
AAA Aaa $303,711,000
Class B AA
Aa2 $23,339,000
Class C
A A1 $17,147,000
Class
D BBB Baa2 $19,291,000
"This is CCG's largest transaction to date, and we're
appreciative of the continued and enthusiastic support of the
institutional ABS investor community" stated Paul Bottiglio, CCG's SVP and CFO. "This
transaction received support from a number of new investors and
further diversifies the company's funding sources, allowing us to
better serve our middle-market customers."
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 $7 billion of equipment loans
and leases. CCG is headquartered in Charlotte, NC. For more information, please
visit http://www.commercialcreditgroup.com.
Media Contact
Julie Murphy, Commercial Credit
Group Inc., 7049442771, jmurphy@commercialcreditgroup.com,
www.commercialcreditgroup.com
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SOURCE Commercial Credit Group Inc.