Charlotte-based equipment finance company closes its eighteenth asset-backed security transaction, providing funding for ongoing growth.
CHARLOTTE, NC (August 14, 2024) – 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.”