LEAF Announces Securitization of $325 Million of Leasing Assets
Philadelphia, PA (PRWEB) October 03, 2013 -- LEAF Announces Securitization of $325 Million of Leasing Assets
Philadelphia, PA, October 2, 2013—LEAF Commercial Capital, Inc. ("LEAF"), a leading independent commercial equipment leasing and finance company, announced today the closing of a new securitization transaction, LEAF 2013-1, which was completed on September 26, 2013.
Through LEAF 2013-1, LEAF securitized a portfolio of approximately $325 million of commercial equipment leases and loans through the issuance of equipment contract-backed notes. The transaction is the third securitization that LEAF has sponsored since its inception and is its largest single issuance to date. All of the leases and loans in the portfolio were originated by LEAF and are backed by a diverse array of equipment types, from office equipment, such as photocopiers, printers and telecommunications systems, to technology, light industrial and healthcare-related equipment.
Credit Suisse Securities (USA) LLC, was the book runner and structuring agent of the notes with Guggenheim Securities, LLC as joint lead and Natixis Securities Americas, LLC as co-manager. LEAF will continue to be the servicer of the assets. LEAF issued nine fixed rate classes of notes that were rated by Moody's and DBRS, with the Class A notes having the benefit of a financial guaranty insurance policy issued by Assured Guaranty Corp. The transaction achieved efficient Triple-A pricing, with a larger proportional size of Triple-A bonds than previously offered. This was a private offering made to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, by LEAF Receivables Funding 9, LLC, a wholly owned subsidiary of LEAF Commercial Capital, Inc.
Miles Herman, President and COO of LEAF, stated, “LEAF Commercial Capital, Inc. is a programmatic issuer with broad investor acceptance, having just completed its third successful securitization in less than 3 years. We are pleased with the receptivity of the market, and with the number of institutional investors who participated in the transaction. This securitization is 47% larger than our 2012 issuance, and dramatically increases our ability to serve our ever-expanding base of top-tier equipment vendors. Our well-rounded funding strategy is an essential element of our success, and we are pleased with the confidence that both the investors and the rating agencies have shown in us."
About LEAF Commercial Capital, Inc.
LEAF Commercial Capital, Inc. ("LEAF") is a national independent equipment leasing and financing company headquartered in Philadelphia, PA. LEAF serves equipment vendors in the small- to-mid-ticket equipment finance marketplace, specializing in information technology, telecommunications, office automation, light industrial, healthcare, and other business-essential assets. For more information on LEAF please visit http://www.LEAFnow.com.
Michelle Speranza, [email protected], +1 (267) 402-4529, [email protected]
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