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.

Banc of America Securities and Piper Jaffray are joint leads on the IPO, joined by SunTrust Robinson Humphrey as co-manager. The filing did not reveal how many shares will be sold or the asking price. FPL intends to use the proceeds to redeem $6 million in outstanding preferred stock, plus accrued dividends of about $2.7 million. In addition, the company plans to repay $10 million of outstanding subordinated debt. Any excess proceeds will be used to pay down outstanding debt under the syndicated warehouse facility.

FPL makes equipment loans ranging from $5,000 to $50,000 to higher-risk businesses across industries including general construction and specialty trades, automotive repair and services, and restaurants and bars. In 2003, FPL originated 5,302 leases, representing $98.4 million in total original equipment cost. The small-ticket leasing market accounted for approximately $62.4 billion of the total new leasing volume originated in the U.S. in 2003, according to the Equipment Leasing Association.

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