Commercial Credit Group Inc. Closes $302,732,000 Term Asset-Backed Security

Benzinga - Stock Market News

CHARLOTTE, N.C., April 15, 2019 /PRNewswire-PRWeb/ — Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today 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                 S&P             Fitch                DBRS                 Dollar Amount
Class A-1         A-1+ (sf)        F1+ (sf)         R-1(h) (sf)         $ 89,000,000        
Class A-2         AAA (sf)        AAA (sf)          AAA (sf)            $175,280,000
Class B             A (sf)             A (sf)              A (h) (sf)            $ 30,236,000
Class C            BBB+ (sf)     BBB (sf)          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,” stated Roger Gebhart, SVP 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.”

About Commercial Credit Group Inc.:
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 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 and sources transactions through end-users, equipment vendors and manufacturers with typical transaction sizes ranging from $100,000 to $2,500,000. Since its inception in 2004, CCG has originated over $4 billion of finance receivables. CCG is headquartered in Charlotte, NC and operates full service offices in Buffalo, NY and Naperville, IL. CCG Equipment Finance Limited services the Canadian Provinces of Ontario, west to British Columbia, from its Canadian headquarters in Hamilton, Ontario. Division Manufacturers Capital provides financing for the manufacturing and fabricating industries. For more information, please visit www.commercialcreditgroup.com.

SOURCE Commercial Credit Group

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