Via lead manager First Union Capital Markets, first-time public issuer GreatAmerica Leasing Corp. is prepping a securitization backed by its $220 million small-ticket equipment lease portfolio.

Though new to the public asset-backed market, Great America privately placed two monoline-wrapped deals in the mid-90s for just over $120 million combined. Both transactions, which priced in 1995 and 1996 respectively, were managed by ContiFinancial Corp.

As described in a recent filing with the Securities and Exchange Commission, the pending transaction will be structured in four A-class tranches, with three subordinates.

Fitch IBCA and Standards & Poor's Ratings Company are expected to assign short-term ratings - F-1-plus and A-1-plus respectively - to the A1-class notes. Short term ratings are usually applied to bonds with average lives less than one year.

The A2 to A4 notes are expected to receive triple-A ratings: the B-class, double-A; the C-class, single-A; and the D-class, triple-B, according to the filing.

The portfolio includes leases on equipment such as copiers, faxes, computer hardware, telephone systems, and postage meters.

Also out of the equipment sector, First Union brought the $880 million Copelco Capital transaction to market, which sets First Union as the No. 2 equipment lease-backed underwriter so far this year, just behind Salomon Smith Barney.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.