Navitas Lease Corp. has issued a debut $92.3-million deal backed by equipment loan and lease contracts, according to a company press release.

The contracts are, in turn, backed by industrial equipment, telephones and software. The deal is split into a $81.1-million A tranche, $4.1-million B tranche, and $7.2-million C tranche, according to Moody’s Investors Service. The agency assigned a definitive rating to the transaction on Nov. 11, indicating that it closed about that time.

Bank of America Merrill Lynch was the sole bookrunner and structuring agent, while Wells Fargo was the co-manager.

Navitas is both the originator and servicer. The company started up in 2008 but its executives have long track records in the space, according to Moody’s.

The A tranche is rated ‘AA’ by DBRS and ‘A3’ by Moody’s. The B tranche is rated ‘A’ and ‘Baa2,’ respectively. Moody’s declined to rate the C piece; DBR gave it ‘BBB.’

The class A notes enjoy a 21.15% credit enhancement, consisting of overcollateralization, subordination and a cash reserve account.

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