Wingspire Equipment Finance Completes Inaugural Equipment ABS Issuance
Wingspire Equipment Finance has successfully completed its inaugural asset-backed securitization (ABS), WEF 2024-1, raising $201 million. This marks the first large-ticket equipment ABS to receive ratings from a major rating agency for an inaugural issuance. The transaction included five classes of notes, with the top classes receiving F1+/K1+ and AAA ratings from Fitch Ratings and Kroll Bond Rating Agency. The ABS was backed by a diverse portfolio of equipment loans and leases across various industries and was more than 3x oversubscribed, indicating strong investor demand. Over 20 prominent investors participated, reflecting confidence in Wingspire's portfolio quality, management expertise, and underwriting standards.
Wingspire Equipment Finance ha completato con successo la sua prima cartolarizzazione di attività (ABS), WEF 2024-1, raccogliendo 201 milioni di dollari. Questo segna la prima cartolarizzazione di attrezzature di grandi dimensioni a ricevere valutazioni da un'importante agenzia di rating per un'emissione inaugurale. La transazione ha incluso cinque classi di note, con le classi più alte che hanno ricevuto valutazioni F1+/K1+ e AAA da Fitch Ratings e Kroll Bond Rating Agency. L'ABS è stato sostenuto da un portafoglio diversificato di prestiti e locazioni di attrezzature in vari settori ed è stato oltre 3 volte sovrascritto, indicando una forte domanda da parte degli investitori. Oltre 20 investitori di spicco hanno partecipato, riflettendo fiducia nella qualità del portafoglio di Wingspire, nell'expertise gestionale e negli standard di underwriter.
Wingspire Equipment Finance ha completado con éxito su primera titulización respaldada por activos (ABS), WEF 2024-1, recaudando 201 millones de dólares. Esto marca la primera titulización de equipos de gran tamaño que recibe calificaciones de una importante agencia de calificación para una emisión inaugural. La transacción incluyó cinco clases de notas, siendo las clases superiores las que recibieron calificaciones F1+/K1+ y AAA de Fitch Ratings y Kroll Bond Rating Agency. El ABS fue respaldado por una cartera diversificada de préstamos y arrendamientos de equipos en varias industrias y estuvo más de 3 veces sobreecomprado, lo que indica una fuerte demanda por parte de los inversores. Más de 20 inversores prominentes participaron, reflejando confianza en la calidad de la cartera de Wingspire, la experiencia de gestión y los estándares de suscripción.
윙스파이어 장비 금융(Wingspire Equipment Finance)은 최초의 자산 담보 증권(ABS)인 WEF 2024-1을 성공적으로 완료하여 2억 1천만 달러를 조달했습니다. 이는 최초 발행에서 주요 신용 평가 기관으로부터 평가를 받은 첫 번째 대규모 장비 ABS를 의미합니다. 이 거래에는 다섯 가지 클래스의 채권이 포함되었으며, 상위 클래스는 Fitch Ratings와 Kroll Bond Rating Agency로부터 F1+/K1+ 및 AAA 등급을 받았습니다. 이 ABS는 다양한 산업에 걸쳐 장비 대출 및 리스의 다양한 포트폴리오로 뒷받침되었으며, 3배 이상 초과 청약되었습니다, 이는 강력한 투자자 수요를 나타냅니다. 20명 이상의 저명한 투자자가 참여했으며, 이는 윙스파이어의 포트폴리오 품질, 경영 전문성 및 인수 기준에 대한 신뢰를 반영합니다.
Wingspire Equipment Finance a réussi à finaliser sa première titrisation adossée à des actifs (ABS), WEF 2024-1, levant 201 millions de dollars. Cela marque la première ABS d'équipement de gros à recevoir des notations d'une agence de notation majeure pour une émission inaugurale. La transaction comprenait cinq classes de titres, les classes supérieures ayant reçu des notations F1+/K1+ et AAA de Fitch Ratings et de Kroll Bond Rating Agency. L'ABS était soutenu par un portefeuille diversifié de prêts et de baux d'équipement dans divers secteurs et a été plus de 3 fois sursouscrit, ce qui indique une forte demande des investisseurs. Plus de 20 investisseurs réputés ont participé, reflétant la confiance dans la qualité du portefeuille de Wingspire, l'expertise de gestion et les normes de souscription.
Wingspire Equipment Finance hat erfolgreich seine erste asset-backed securitization (ABS) WEF 2024-1 abgeschlossen und 201 Millionen Dollar eingeworben. Dies markiert die erste große Ausrüstung ABS, die bei einer bedeutenden Ratingagentur für eine Erstemission bewertet wurde. Die Transaktion umfasste fünf Klassen von Anleihen, wobei die oberen Klassen von Fitch Ratings und der Kroll Bond Rating Agency F1+/K1+ und AAA Bewertungen erhielten. Das ABS wurde durch ein diverses Portfolio von Ausrüstungsdarlehen und -leasings über verschiedene Branchen hinweg abgesichert und war über 3-mal überzeichnet, was auf eine starke Investorennachfrage hinweist. Über 20 prominente Investoren haben teilgenommen, was das Vertrauen in die Qualität des Portfolios von Wingspire, die Managementkompetenz und die Underwriting-Standards widerspiegelt.
- Successful completion of inaugural ABS raising $201 million
- First large-ticket equipment ABS to receive ratings from a major agency for inaugural issuance
- Top classes received highest achievable ratings (F1+/K1+ and AAA)
- Transaction was more than 3x oversubscribed, indicating strong investor demand
- Over 20 prominent investors participated in the transaction
- None.
Wingspire Equipment Finance's successful $201 million inaugural ABS issuance is a significant milestone, showcasing the company's strong market position and investor confidence. The 3x oversubscription and participation of over 20 prominent investors highlight robust demand for their offerings. Achieving AAA ratings from major agencies on a first issuance is exceptional, indicating a high-quality portfolio and solid risk management practices.
This transaction enhances Wingspire's liquidity and funding diversification, potentially leading to lower borrowing costs and increased capacity for growth. The successful ABS issuance could pave the way for future securitizations, providing a stable funding source for expansion. Investors should note the positive implications for Wingspire's financial stability and growth prospects in the competitive equipment finance sector.
The strong investor demand for Wingspire's ABS issuance reflects a positive outlook for the equipment finance sector. This successful transaction, especially amid current economic uncertainties, indicates investor confidence in quality assets backed by tangible equipment. The diverse portfolio spanning numerous industries suggests Wingspire's risk is well-spread, appealing to risk-averse investors seeking stable returns.
This deal could set a benchmark for future equipment finance ABS issuances, potentially opening doors for similar companies to access capital markets. The transaction's success might also signal increased appetite for alternative investment vehicles in the current market environment, where investors are seeking yield in various asset classes. This trend could lead to more competition and innovation in the equipment finance ABS space.
Wingspire Equipment Finance's achievement of AAA ratings from major agencies on their inaugural issuance is legally significant. It demonstrates compliance with stringent regulatory requirements and robust legal structures underpinning the securitization. The involvement of reputable firms like VedderPrice as legal counsel further reinforces the transaction's legal integrity.
The successful issuance could have regulatory implications for the equipment finance sector, potentially setting new standards for transparency and risk management. It may also influence future regulatory approaches to ABS issuances in this space. Investors should be aware that while high ratings indicate lower risk, they should still conduct due diligence on the underlying assets and legal structure of such securitizations.
The transaction included five classes of notes, with the uppermost classes receiving the highest achievable ratings of F1+/K1+ and AAA from Fitch Ratings and Kroll Bond Rating Agency. The transaction was backed by a diverse portfolio of equipment loans and leases spanning numerous industries. The transaction was more than 3x oversubscribed, reflecting strong investor demand. The investment grade ratings and market enthusiasm were driven by the portfolio’s excellent credit performance, the management team’s cycle-tested experience, strong sponsorship, and the quality of Wingspire Equipment Finance’s originations platform, underwriting standards, and servicing capabilities. Over 20 prominent investors participated in the transaction.
“We are honored to be the first large-ticket equipment finance company to achieve a AAA rating from a major rating agency on an inaugural issuance,” said Eric Freeman, CEO of Wingspire Equipment Finance. “This achievement not only highlights the quality of our portfolio and the expertise of our team but also sets a new standard in our industry. We are excited to build on our growth trajectory as we continue to deliver financing solutions that fit our clients’ needs.”
David Wisen, CEO of parent company Wingspire Capital, added: “The Wingspire platform is committed to supporting the capital needs of middle market companies and their sponsors. This transaction allows us to better serve our clients while simultaneously diversifying and expanding our investor base.”
Wells Fargo Securities served as the transaction's sole structuring agent and joint bookrunner. BofA Securities served as joint bookrunner. Deutsche Bank Securities and Texas Capital Securities served as co-managers. VedderPrice acted as legal counsel to Wingspire Equipment Finance and the issuer.
For more information about Wingspire Equipment Finance and its comprehensive finance solutions, please visit ef.wingspirecapital.com.
About Wingspire Equipment Finance:
Wingspire Equipment Finance is a leading provider of equipment financing solutions, committed to empowering businesses with flexible and innovative financial solutions. With a focus on client success and industry expertise, Wingspire Equipment Finance is dedicated to helping companies thrive by providing tailored financing options for their equipment needs.
About Wingspire Capital:
Wingspire Capital provides senior secured credit facilities of up to
Wingspire Capital is a portfolio company of Blue Owl Capital Corporation (NYSE: OBDC). OBDC is externally managed by Blue Owl Credit Advisors LLC, an indirect affiliate of Blue Owl Capital, Inc. (NYSE: OWL). Blue Owl Capital, Inc. is a global alternative asset manager with over
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Source: Wingspire Equipment Finance
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