National Transportation Lender Prices its ABS Debut to Solid Demand
Los Angeles, CA (February 9, 2021) – Crossroads Equipment Lease and Finance, LLC recently priced its US$163MM ABS debut backed by commercial truck loans to solid demand, reducing its cost of borrowing and enabling expanded funding options. Crossroads closed the equipment securitization on February 3, 2021 through Crossroads Asset Trust 2021-A.
This is Crossroads’ first securitization transaction, collateralized by a segregated pool of commercial loan contracts financing commercial trucks and trailers. The securitization included classes of notes rated AAA(sf) to BB(sf) by DBRS, based on, among other things, its analysis of the loan portfolio and the vitality of Crossroads’ management team, which has a solid track record of originating and servicing commercial equipment loans.
“The execution of this transaction indicates strong demand, and solid portfolio performance,” said Crossroads’ President Howard Shiebler. “It gives us access to diversified capital sources to support our growth, and shows our commitment to utilizing the term securitization market as an important liquidity source.”
The transaction had strong subscription levels and was syndicated to several investors. Credit Suisse acted as Sole Structuring Agent and Sole Bookrunner, with GreatAmerica Portfolio Services Group as the backup servicer of the transaction.
“The strong interest in this transaction illustrates the substantial support we have earned from our investors,” says Crossroads CFO Michael Jones.
About Crossroads Equipment Lease and Finance
Founded in 2006, Crossroads Equipment Lease & Finance is your professional partner in the transportation industry. We listen to our customers, work to understand their needs and strive to build long term business relationships by offering prompt, flexible, and tailor-made financing that preserves capital and positively impacts their business. Our expertise in underwriting, collateral evaluation and asset re-marketing facilitates solutions that maximize the competitive advantages of our customers in the market.