The transaction, PFS Financing Corp. 2017-B, consists of a $282 million senior tranche provisionally rated triple-A, and an $18 million unrated subordinate tranche. Both tranches have legal, final maturities in July of 2022.
The 46th overall securitization of court-ordered, term structured-settlement receivables is the company's second deal for 2017.
It's the sponsor's first securitization to be rated by Morningstar; DBRS and Kroll Bond Rating Agency are still capping their ratings of Property Assessed Clean Energy bonds at double-A.
Chesapeak Funding II 2017-3 II is only the second transaction Element has launched since merging its fleet securitization platforms earlier this year.
Structural features, not present in the sponsor's previous securitization, completed in 2012, allowed it to obtain a credit rating for the the senior and subordinate tranches.
U.S. District Judge André Birotte has dismissed all federal claims against Renovate America and its government bond-issuing partners in three lawsuits that had sought class-action status.
Both offerings are backed primarily by leases on agricultural equipment, but Kubotah's has a much higher percentage of leases on new equipment.
Property Assessed Clean Energy loans can no longer be offered in unincorporated areas of Kern County, Calif. The controversial loans, meant to promote energy efficiency, began in California and are now offered in a number of states.
Moody’s expects cumulative net losses of 0.55% of the collateral, while Fitch takes a more conservative view; it expects net losses to reach 1% due to a deterioration in the construction equipment sector.
The collateral for the deal is heavily concentrated in the top three lessees, Quatar Airways, American Airlines, and Asiana; the deal permits the three to account for up to 65% of the portfolio.
It's the sponsors fourth securitization, and includes 33,972 contracts to small and medium-sized companies as well as to government clients.
Investors had better hope it does; the spectrum rights backing the notes would be less valuable to a combined Sprint and T-Mobile, decreasing recovery in the event of default.
The sandwich restaurant chain will use proceeds so repay debt taken on when it was acquired by Roark Capital last year, incliuding a term loan facility.
The bonds were privately placed with a group of investors led by CIT Group; CohnReznick Capital served as advisor for the transaction
The move follows mounting criticism that many homeowners using property assessments to finance energy efficiency upgrades can neither understand, nor afford, the terms of deals.
Welk Resort Group is coming to market after a two-year hiatus; its previous securitization has yet to experience losses, but only because the sponsor is repurchasing defaulted loans from the trust.
The notes are backed by a revolving pool of short-term receivables generated from the sale of crude oil, oil products, non-ferrous metals, non-ferrous metal concentrates, iron ore, coal and refined metals.
Shipping companies need more units to meet a rise in global trade, and they’re not in a position to add to their own fleets.
The bonds are backed by contract payments on customer cellphones, a new asset class that has proven popular because of its high payment priority and potential for sizable issuance.
On Tuesday, state legislators voted to override Gov. Sam Brownback’s veto of a bill that would raise state income taxes, effectively killing a plan to reduce the budget gap by securitizing tobacco settlement payments.
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