Nations Equipment Finance, a Norwalk, Conn.-based commercial equipment finance company founded by veterans of GE Capital, completed its first term securitization of equipment lease and loan backed notes.
In a press release published today, Nations said the $153 million deal includes a senior tranche rated A2 by Moody’s Investors Service and A- by DBRS as well as two subordinate tranches rated Baa2 and Ba2, respectively, by Moody’s.
Guggenheim Securities was the lead initial purchaser in the Rule 144A private placement.
“Matthew Perkins and his team at Guggenheim did a great job helping us close our first term securitization,” Rebecca Chandler, Nations’ chief financial officer, in the release. "The transaction lowers our cost of funds and better matches our assets to our liabilities. We couldn’t be more pleased with the execution,” she said.
Phil Carlson, president and CEO of the company, said, “We continue to see tremendous demand for our equipment lease and loan products and closing a transaction like this broadens our capital base, which will help us to better serve our customers. We remain committed to providing creative equipment financing solutions to our customers.”
Nations Equipment Finance provides equipment loans and leases across a wide spectrum of asset classes. Its focus is on middle market companies with $1 million to $50 million of equipment leases and term loans. It was founded in September 2010 by former GE Capital equipment finance professionals.