(Cedar Rapids, IA) – GreatAmerica announced today that it closed its 23rd securitization of $549,277,000 in privately placed bonds. S&P and Fitch rated 93.4% of the bonds in the transaction as “AAA,” same as the prior six transactions from GreatAmerica. To date, GreatAmerica issuances have totaled $9.3 billion.
“Our consistent access to the debt market is built on strong standards and strong relationships both inside and outside our organization” said GreatAmerica Executive Chairman Tony Golobic. “The culture throughout our organization places hard work, integrity, and excellence front and center, and those principles have been critical in building trust with investors, rating agencies, and banks.”
Proceeds from the transaction will pay off outstanding warehouse and revolving credit facility debt, resulting in substantial liquidity to support future originations and business operations. This liquidity in turn supports the business goals of GreatAmerica equipment vendors.
Investor interest was strong as evidenced by over $1.5 billion in orders placed, nearly 3 times the amount of bonds offered. There were 34 unique investors including 7 new investors, exceeding last year’s investor numbers of 29 and 6 respectively.
GreatAmerica
Headquartered in Cedar Rapids, Iowa, with offices across the United States, GreatAmerica serves organizations nationally and is known for its focus on long-term relationships, deep industry expertise, and a high level of service that extends beyond traditional financing.