Florida-based FCC Equipment Financing, after completing its first securitization, is set to be a presence in the asset-backed securitization market going forward, officials at the company said.
"It will be a continuing part of our future funding," said Chris Regas, CEO of the leasing and financing company.
Regas said that the company's next offering would most likely come to market in mid to late 2001, giving FCC Financing enough time to accumulate assets to fund a bigger securitization.
"Right now I expect our next securitization will be larger," said Regas. The company expects its next deal to range from $200 million to $250 million, a leap from its $68 million initial offering.
Though its first securitization was privately placed, FCC Funding is not closing its doors to the public arena. "It would be something that we would consider in our next go-around," stated Regas.
He believes that securitization "is a good source of permanent funding for the company.
"We started our business expecting that it would be a part of our liability structure to provide funding for our operations," Regas noted.
Standard & Poor's Ratings Service provided a credit assessment for FCC Funding's initial transaction. The deal's agents were Banc of America and First Union Capital Markets. Regas said that he expects to work with both companies going forward.