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.