LEAF Announces Securitization of $336 Million of Leasing Assets5 May, 2015
Philadelphia, PA—May 6, 2015—LEAF Commercial Capital, Inc. (“LEAF”), a leading independent commercial equipment leasing and finance company headquartered in Philadelphia, PA, announced today, the closing of a new securitization transaction, LEAF 2015-1, which was completed on April 30, 2015.
Through LEAF 2015-1, LEAF securitized a portfolio of approximately $336 Million of commercial equipment leases and loans through the issuance of equipment contract-backed notes. The transaction is the fourth securitization that LEAF has sponsored since its inception and its largest single issuance to date. The portfolio of leases and loans encompasses a diverse array of equipment types, from office automation, telecommunications solutions, technology and network infrastructure, light industrial and healthcare-related equipment.
Credit Suisse Securities (USA), LLC was the book runner and structuring agent of the notes with Guggenheim Securities, LLC and Wells Fargo Securities, LLC as co-managers. LEAF will continue to be the servicer of the assets. LEAF issued nine fixed rate classes of notes that were rated by Moody's and DBRS. The transaction achieved efficient Triple-A pricing, with a larger proportional size of Triple-A bonds than previously offered. This was a private offering made to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, by LEAF Receivables Funding 10, LLC, a wholly owned subsidiary of LEAF Commercial Capital, Inc.
Miles Herman, President and Chief Operating Officer of LEAF, stated, "LEAF Commercial Capital is pleased with the continued, strong receptivity from our diverse investor base making 2015-1 our largest securitization to date. This successful transaction is an endorsement by investors and rating agencies of the strong and consistent results of our portfolios. This achievement will continue to support LEAF’s strong origination growth this year."
About LEAF Commercial Capital, Inc.
LEAF Commercial Capital, Inc. (“LEAF”) is one of the leading equipment leasing and finance companies in the U.S. Headquartered in Philadelphia, PA. LEAF serves the small- to mid-ticket equipment finance marketplace and maintains a nationwide origination footprint, working with manufacturers as well as vendors of business-essential equipment and software in a variety of industries. At http://www.LEAFnow.com