Fiat Group zoomed onto the private placement track last week with a $20 million credit tenant lease transaction. Legg Mason joined the race, agenting what some sources called, "a uniquely structured transaction."
Sources close to the transaction confirmed that though the deal took on the typical credit tenant lease structure that many of the deals last week, Legg Mason did not lend directly to the issuer. Instead, the group dealt directly with a private borrower that was in turn expected to back up Fiat for construction. "The issuer is not the credit tenant in this case," explained the source.