Wingspire Equipment Finance Completes Inaugural Equipment ABS Issuance
Blue Owl Capital Corporation (OBDC)
Company Research
Source: Business Wire
TUSTIN, Calif.--(BUSINESS WIRE)--Wingspire Equipment Finance, a large-ticket equipment finance company, announced the successful completion of its inaugural asset-backed securitization (ABS), WEF 2024-1. The transaction raised $201 million and was the first inaugural large-ticket equipment ABS to receive ratings from a major rating agency.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, a
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