Bank of America Merrill Lynch is marketing a $766 million securitization of transportation equipment loans and leases for General Electric Capital Corp., according to a presale report from Fitch Ratings.
GE Equipment Transportation Trust 2013-1 has a $171 million money market tranche rated F1 by Fitch and four triple-A rated tranches: a $218 million tranche maturing in November 2015; a $181 million tranche maturing in November 2016; and a $139.45 million tranche maturing in March 2021.
The deal is the fourth transportation-only, equipment term asset-backed securitization from the GEET platform, according to Fitch. In 2012, there were two transactions totaling $1.5 billion and in 2011 there was a single, $741.5 million transaction. The three previous transactions were backed entirely by loans; whereas GEET 2013-1’s collateral is 82.26% loans and 17.74% leases.
