GreatAmerica Leasing Corp. is in the market with a transaction called GreatAmerica Leasing Receivables Funding, L.L.C. Series 2012-1 (GALC 2012-1).
The offering, which is worth $377.5 million, will be backed by small-ticket commercial equipment leases/loans originated by GreatAmerica, according to a Fitch Ratings presale report.
The report said that roughly 76.4% the deal comprises copiers/printers that were mostly originated by the office equipment group. The rating agency stated that this concentration is higher versus the firm's prior securitizations, which consisted of 38%−73% of this
Inspite of the increasing concentration, copies/printers have traditionally performed better versus other equipment types within GreatAmerica’s portfolio, Fitch stated. GreatAmerica’s managed static pool informationhas experienced better loss performance for the managed portfolio's more recent vintages.
Additionally, all deals issued by GreatAmerica have gone through cumulative net losses or CNLs inside of the rating agency’s initial estimates.
The GALC 2012-1 offering is the eleventh small-ticket equipment ABS issued by the firm. The proceeds from this deal will be used for general funding purposes, according to Fitch.