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Stonebriar Set to Close Fifth Equipment Securitization Transaction for $650MM

April 05, 2019, 09:00 AM
Filed Under: Securitization

Stonebriar Commercial Finance, an independent large-ticket commercial finance company, announced it has allocated all bonds, confirmed pricing and is set to close its fifth commercial equipment asset-backed securitization (ABS), SCFET 2019-1, a $650 million ABS issuance with top tranches expected to be rated triple A.  

SCFET 2019-1 will be secured by a portfolio of commercial equipment loans and leases across a variety of asset classes including rail, aviation, marine transportation, energy, real estate and manufacturing. The A-1 and A-2 tranches of the transaction are expected to receive ratings of "Aaa" and "AAA" from Moody's Investors Service and Kroll Bond Rating Agency, respectively.

Merrill Lynch, Pierce, Fenner & Smith Incorporated is Lead Structuring Agent and Joint Bookrunner. Credit Suisse Securities (USA) LLC is Co-Structuring Agent and Joint Bookrunner.  Stonebriar will continue to service the assets with US Bank as backup servicer.

Dave B. Fate, President and CEO of Stonebriar, stated, “Since June 2016, Stonebriar will have executed five equipment securitization transactions totaling over $2.2 billion, attracting demand from a diverse group of domestic and international institutional investors. SCFET 2019-1 will be our largest ABS issuance to date, delivering the most cost-effective, long-term financing we have achieved thus far.”

He continued, “In connection with the SCFET 2019-1 transaction, we continue to expand the SCFET investor base with a mix of repeat and new investors across the capital structure, including some of the largest global asset managers. SCFET 2019-1 will include assets from four of Stonebriar's current business platforms – General Equipment, Aviation Capital, Rail Leasing, and Real Estate – including a portion of our Canadian portfolio. Continued strong asset performance and an increasingly diversified collateral pool have been key factors in securing our second ABS with ratings expected to be triple A and is a testament to Stonebriar's ability to build and manage a strong portfolio.”  

Stonebriar, an Eldridge Industries portfolio company based in Plano, TX, is a leading provider of financing solutions for businesses in a wide variety of industries, of various sizes and credit profiles.  Stonebriar leases and finances assets located primarily in North America and select other jurisdictions worldwide currently through five distinct platforms—General Equipment, Aviation Capital, Rail Leasing, Real Estate and Sponsor Finance.

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