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North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor located in South Norwalk, CT, has announced the closing of its second securitization transaction, NMEF Funding 2016-A, which was completed on June 13, 2016. NMEF Funding 2016-A issued two classes of equipment finance-backed notes totaling $111.15 million. 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, and construction, manufacturing and other equipment.
BB&T Capital Markets was the book runner, structuring and placement agent of the notes. North Mill will continue to be the servicer of the underlying assets.
Gary Silverhardt, President and CEO of North Mill, stated, “This second securitization is a further demonstration of the company’s strength and 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 are proud to have partnered with the North Mill team to add to their continued success, and we look forward to supporting the company’s plans for continued growth.”