GreatAmerica Financial Services plans to issue a $423.25 million securitization backed by small ticket technology equipment leases and loans.

The Series 2014-1 deal is the 13th small-ticket securitization issued by GreatAmerica. Wells Fargo is lead manager on the deal and Fitch Ratings has assigned the notes preliminary ratings.

On offer are three tranches of ‘AAA’-rated class A notes structured with 13.35% credit enhancement; one ‘AA’ rated class B tranche structured with 9.75% credit enhancement; and one ‘A’-rated class C tranche with 6.75% credit enhancement, according to the presale report.  

Fitch noted in the presale report that the transaction has a high concentration (69.5%) of copiers/printers represented in the pool, consistent with the issuer’s previous three deals. However copiers/printers have “historically performed better than other equipment types within GreatAmerica’s portfolio,” said Fitch.

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