CIT Bank, part of the US-based the equipment finance providers CIT Group, has closed a $750m (555m) equipment lease securitisation, the bank’s first equipment finance-backed securitisation.
The bonds came in five tranches and are to be used to finance general corporate activities.
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The company turned around its profitability over the first nine months of this year compared to the same period last year.
This came after a period of returning capital to shareholders and deleveraging some existing debt.
The asset tranches were rated from A-1+ to A by Standard and Poors, with the top tranche sized at $275m with a 0.30% coupon.
Despite this being CIT Bank’s first equipment securitisation, it is CIT Group’s 19th equipment securitisation since 2000.
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By GlobalDataThe deal’s book was run by Credit Suisse, Deutsche Bank Securities and Bank of America Merrill Lynch. Barclays and RBC Capital Markets were involved in the management of the deal.
