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GE Lines Up $446M Equipment Loan Deal

General Electric is working on a securitization of small equipment loans, its first of 2013.

The deal, GE Equipment Mid Ticket, Series 2013-1, will issue $446.85 million of notes, according to a filing with the Securities and Exchange Commission.

RBS and Citigroup are the joint bookrunners.

There are four classes of senior notes: a $120 million tranche matures in September 2014, a $132 million tranche matures in March 2016, another $132 million tranche matures in March 2017, and a $54.8 million tranche matures in February 2023.

A single, $7.15 million class of subordinate notes matures in February 2023.

The entity’s assets primarily consist of equipment loans and security interests in, or leases and ownership of, the related industrial equipment, construction equipment, transportation equipment, maritime assets, technology and telecommunications equipment, furniture and fixtures or other equipment, and a series special unit beneficial interest certificate evidencing a 100% beneficial interest in a portfolio of leases of titled transportation equipment and the related equipment.

The deal is expected to close on Sept. 25.

 

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