Commercial Credit Group Closes $420.65MM Term ABS

Commercial Credit Group, an independent commercial equipment finance company, completed a $420.65 million term asset-backed security (ABS) transaction. The securitization is CCG’s largest offering to date and was placed with a 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 five notes with the following ratings:

Notes               Moody’s                     Fitch                           Amount

Class A-1        P-1 (sf)                        F1+ (sf)                       $92.5 million

Class A-2        Aaa (sf)                       AAA (sf)                     $283.13 million

Class B            Aa2 (sf)                       AA (sf)                        $21.97 million

Class C            A2 (sf)                         A (sf)                           $14.27 million

Class D            Baa2 (sf)                     BBB (sf)                      $8.78 million

“We’re appreciative of the continued enthusiastic support that we received from the investment community in the face of a tumultuous economic backdrop.” Paul Bottiglio, senior vice president and CFO of CCG, said. “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.