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Chesswood Closes Marketed Securitization for US$356MM

October 25, 2021, 08:00 AM
Filed Under: Lender Finance

Chesswood Group Limited announced that its subsidiary Pawnee Leasing Corporation ("Pawnee") has closed its marketed U.S. securitization of receivables. Proceeds from this securitization totalled US$356 million and will be used to repay Pawnee's warehouse facility and more than US$140 million of Chesswood's corporate revolving credit facility.

"This transaction substantially improves Chesswood's financial position by increasing liquidity and providing us with an approximate 100bps improvement in our cost-of-funds.  The success of this asset-backed securitization is evidence of Pawnee's high quality portfolio and further demonstrates Chesswood's ability to manage treasury and funding resources, allowing us to continue to grow the business" said Ryan Marr, Chesswood's President and CEO.

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