MassMutual Asset Finance plans to issue a $732.9 million equipment loan and lease ABS.
MMAF Equipment Finance LLC Series 2013-A will be backed by large-ticket equipment loans and leases and related rights in such assets acquired by the issuer, according to a Fitch Ratings presale report. JP Morgan is lead underwriter on the deal.
The deal is structured with a $152 million money market fund tranche; $165 million of ‘AAA’-rated, class A-2 notes due May 9, 2016; $162 million of ‘AAA’-rated, A-3 notes due December 11, 2017 ; $167 million of ‘AAA’-rated A-4 notes, due May 11, 2020; and $86.29 million of ‘AAA’-rated class A-5 notes due June 9, 2033.
MassMutual Asset Finance is a subsidiary of Massachusetts Mutual Life Insurance Company. The issuer previously came to market in 2012 with its 2012-A transaction.
The assets in 2013-A were acquired by the issuer directly from a select group of unrelated financial institutions and banks that originated the loans and leases. The pool includes 15 equipment types in more than 25 industries and is geographically diverse.
