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KeyBanc Capital Markets Agents $90.9MM ABS Transaction for Commercial Equipment Finance

December 01, 2021, 07:00 AM
Filed Under: Industry News

Commercial Equipment Finance, an independent commercial equipment finance company headquartered in Puerto Rico, closed a $90.9 million asset-backed security (ABS) transaction. The proceeds will be used to pay down existing warehouse lines and for general corporate purposes.

This transaction represents CEFI’s inaugural securitization. The deal includes four classes of equipment contract-backed notes, rated AA (sf) through BB (low) (sf) by DBRS Morningstar. KeyBanc Capital Markets (KBCM) acted as Sole Structuring Agent and Bookrunner.

“This landmark financing is a true testament of CEFI’s business model, portfolio performance track-record and experienced team. Accessing the capital markets was a goal envisioned upon founding the company and executing this accomplishment alongside the members of KBMC, Quadrant Financial Group, RiskOne Consulting, Chapman & Cutler LLP, O’Neill & Borges LLC, and Avila Rodriguez Mena & Garro LLP was a great pleasure. As a Puerto Rico based equipment finance and leasing entity, this milestone is significant to us and Puerto Rico’s business environment. ” said Ricardo A. Rios, CEFI’s President & CEO.

“KBCM was pleased to broaden the relationship with CEFI beyond the credit facility provided by KeyBank Specialty Finance Lending and thrilled with the outcome and execution for CEFI’s inaugural securitization led by CEFI’s extraordinary management team. The company’s stellar experience, performance and growth in the commercial equipment leasing space will propel CEFI into becoming a programmatic ABS issuer,” said Andrew Yuder, Managing Director & Group Head, Asset-Backed Securitization, KeyBanc Capital Markets.

Quadrant Financial Group acted as advisor to CEFI in arranging this transaction.

For more equipment finance industry news, visit Equipment Finance Advisor.

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