21 Feb 2020
(Cedar Rapids, IA) – GreatAmerica Financial Services Corporation completed its 19th term securitization of $656.4M in privately placed bonds with institutional investors. GreatAmerica uses proceeds from its securitizations to pay off debt in its warehouse and credit facilities to support continuous growth.
Orders topped out at $2.2B, reflecting an investor demand more than triple the amount offered. In a repeat of the last two years’ term securitizations, 93.4% of the bonds were rated AAA. Of the 32 investors participating, three were new purchasers of GreatAmerica bonds. Since 1995, GreatAmerica has issued nearly $7B in asset-backed securities.
“It’s an honor to see continued and consistent interest in GreatAmerica receivables among institutional investors,” said GreatAmerica Chairman and Chief Executive Officer Tony Golobic. “This in turn helps us deliver consistent quality to our customers and help them be more successful.”
According to S&P Global Ratings presale report, “GreatAmerica is distinct from many other small-ticket leasing companies in that it has continued to grow its portfolio, even during downturns in the economic cycle…” The report also noted: “GreatAmerica has successfully serviced each of its 18 previous securitizations since 1995. The company is distinct from many other small-ticket equipment leasing companies because it benefits from long tenure and senior management continuity.”
GreatAmerica is among the largest independent small ticket national commercial equipment finance companies in the U.S. and is dedicated to helping manufacturers, distributors, and dealers be more successful and keep their customers for a lifetime. A family-owned business, GreatAmerica was established in Cedar Rapids, Iowa in 1992 and today is organized into six divisions. It has a staff of over 600 employees with offices in Georgia and Minnesota. GreatAmerica also offers innovative non-financial business services to help their customers grow. www.greatamerica.com
Matt Doty, VP Corporate Communications | firstname.lastname@example.org | 319.261.4188
Matt Doty, GreatAmerica Vice President Corporate Communications, is responsible for maintaining image execution and brand continuity throughout the company. This includes written and verbal communications with internal and external audiences and overall strategic and tactical marketing activities.