A $999.6-million equipment lease securitization from CNH Industrial Capital America is on the way, according to an SEC filing.

CNH Equipment Trust 2014-B consists of four tranches of A notes and one tranche of B notes. The A notes total $977 million, while the B piece is $22.5 million.

The collateral consists of fixed-rate installment sale contracts and retail installment loans secured by agricultural or construction equipment. As of April 30, the contract value of the receivables totaled nearly $1.04 billion. The figure’s present value, discounted at 4%, is equal to the aggregate volume of the issuance: roughly $999.6 million.

The Class A notes are enhanced by the subordination of the B piece.

The joint bookrunners on the class A and B notes are Citigroup, Credit Agricole Securities, and RBS. The co-managers of the class A notes are BNP Paribas, Credit Suisse, and Fifth Third Securities.

The servicer is New Holland Credit Company, and the deal is slated to close sometime in June.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.