Commercial Credit Group Closes $327.821MM Term ABS

Commercial Credit Group, an independent commercial equipment finance company, closed a 144a privately-placed term asset-backed security (ABS) transaction (the 2021-1 transaction). The $327.821 million financing was placed with a group of fixed income investors, representing 23 unique institutions. Wells Fargo Securities served as structuring agent and lead bookrunner for the placement. The financing contracts supporting the security consist of a pool of CCG’s customer contract originations in the construction, fleet transportation, manufacturing and waste equipment industries. The multi-tranche placement carries the following ratings:

Notes               Moody’s           Fitch                DBRS              Dollar Amount

Class A-1          P-1 (sf)             F1+ (sf)           R-1 (high) (sf)    $74.7 million

Class A-2         Aaa (sf)           AAA (sf)        AAA (sf)           $221.18 million

Class B           Aa2 (sf)            AA (sf)            AA (sf)              $16.811 million

Class C           A2 (sf)             A (sf)             A (sf)                $15.13 million

“CCG is pleased to have completed its 13th term ABS transaction since 2011. We are appreciative of the continued support of the institutional ABS investor community. Over a very busy period of ABS issuance, our 2021-1 transaction received significant oversubscription in each class and we also welcomed a number of new investors to our platform” Paul Bottiglio, vice president and treasurer of Commercial Credit Group, said. “The composition of the contracts included in this transaction reflect the industry, equipment and geographic diversity from which CCG’s portfolio benefits.”