Stonebriar Commercial Finance (Stonebriar), a leading independent large-ticket commercial finance company, announced that it has closed its fifth commercial equipment asset-backed securitization (“ABS”), SCFET 2019-1, a $650 million ABS issuance with top tranches rated triple A.
SCFET 2019-1 is secured by a portfolio of commercial equipment loans and leases across a variety of asset classes including rail, aviation, marine transportation, energy, real estate, and manufacturing. The A-1 and A-2 tranches of the transaction received ratings of “Aaa” and “AAA” from Moody’s Investors Service and Kroll Bond Rating Agency, respectively.
Merrill Lynch, Pierce, Fenner & Smith Incorporated served as Lead Structuring Agent and Joint Bookrunner. Credit Suisse Securities (USA) LLC served as Co-Structuring Agent and Joint Bookrunner. Stonebriar will continue to service the assets with US Bank as backup servicer.
Dave B. Fate, President and CEO of Stonebriar, stated "Since June 2016, Stonebriar has executed five equipment securitization transactions totaling over $2.2 billion, attracting significant demand from a diverse group of domestic and international institutional investors. SCFET 2019-1 is our largest and most successful ABS issuance to date, delivering the most cost-effective, long-term financing we have achieved thus far. We continue to expand the SCFET investor base with a mix of repeat and new investors across the capital structure. We now have over 40 institutional investors, 8 of them new to this issuance, including some of the largest global asset managers. SCFET 2019-1 included assets from four of Stonebriar’s current business platforms – General Equipment, Aviation Capital, Rail Leasing, and Real Estate – including a portion of our Canadian portfolio. Continued strong performance, multiple ratings upgrades on our four existing ABS pools and an increasingly diversified collateral pool were key factors in securing our second ABS with triple A ratings and is a testament to Stonebriar’s ability to build and manage a high-quality portfolio.”
About Stonebriar Commercial Finance: Stonebriar, an Eldridge Industries’ business based in Plano, TX, is a leading provider of financing solutions for businesses in a wide variety of industries, of various sizes and credit profiles. Stonebriar leases and finances assets located primarily in North America and select other jurisdictions worldwide currently through 5 distinct platforms—General Equipment, Aviation Capital, Rail Leasing, Real Estate and Sponsor Finance. To learn more about Stonebriar Commercial Finance please visit www.StonebriarCF.com.
About Eldridge Industries: Eldridge Industries (“Eldridge”) invests across diversified industries with a focus on: asset management and leasing; food, convenience, and consumer experiences; real estate lending and development; retirement income, insurance, and insurance technology; sports and media. In particular, the firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge Industries please visit www.eldridge.com.