North Mill Press Room |
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May 7, 2015: North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor located in South Norwalk, CT, has announced the completion of its inaugural securitization transaction, NMEF Funding 2015-A, which was completed on May 7, 2015. NMEF Funding 2015-A issued two classes of equipment finance-backed notes totaling $122 million, which included a pre-funding account of $25 million for additional leases and loans. The transaction was rated by Kroll Bond Rating Agency and the notes received ratings of A (sf) and BBB (sf).
The portfolio of leases and loans is secured mostly by transportation equipment, including Heavy and Medium Duty Trucks, Cargo Vans and other vehicles, Construction, Manufacturing and other equipment. BB&T Capital Markets was the book runner, structuring and placement agent of the notes. North Mill will continue servicing the underlying assets.
Gary Silverhardt, President and CEO of North Mill, stated, “This securitization is a significant milestone in the company’s continued growth. It enhances our access to capital and enables us to expand our equipment finance activities.” Andy Yuder of BB&T Capital Markets said, “This transaction provides additional capital the company needs to offer equipment financing to its customers. We enjoyed working with the North Mill team to make this happen, and we look forward to supporting the company’s plans for continued growth.”
For further information, contact us.