The private placement market may be inching back, but traditional privates are not leading the pack. As last week's market demonstrated, taking on a structured theme and Ironwood Capital played a hand with its $69 million financing of a deal issued by Telmark.

The loan securitization deal was offered in two tranches with a 2.5-year expected average life. One $64 million tranche received a triple-A rating and price talk was confirmed to be at 100 basis points to 110 basis points over Treasurys. The second tranche, set at $5 million, received a triple-B rating that was expected to price in the 200 basis points over Treasurys range.

A familiar name in the private market, many speculated the deal would be well received, despite the fact that many investors steer clear of certain structures.

One source close to the transaction said, "Even though we don't do these types of deals because of its structure still looks good." The source has had previous history with the company.

Telemark is a subsidiary of Agway Inc. Based in Syracuse, N.Y., the company operates in 29 states offering leasing and financing needs of farmers and related agriculture businesses. -

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