F inancial Pacific Leasing, the small-ticket leasing company that brought its lone term securitization to market last July, is preparing for an $80.5 million IPO, according to an S-1 filing submitted to the Securities and Exchange Commission on April 9.
There is no word on whether FPL intends to tap the term market again in the foreseeable future. Currently, the leasing company funds through a $50 million syndicated warehouse credit facility, as well as through two ABCP facilities totaling $175 million, according to the SEC filing. The facilities' sponsors were not identified. As of last August, West LB was providing a $50 million credit facility, which complemented an additional $125 MBIA-wrapped ABCP facility with Banc of America Securities. FPL's $70 million single-tranche term transaction, which was wrapped by Financial Security Assurance and led by WestLB, matures in 2009.