GreatAmerica Places Half Billion in Bonds
May 24, 2023
(Cedar Rapids, IA) – GreatAmerica Financial Services Corporation 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.
About GreatAmerica Financial Services Corporation
GreatAmerica is the largest independent, family-owned national commercial equipment finance company in the U.S. and is dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. A $2.7+ billion company with life-to-date finance originations of over $15 billion, GreatAmerica was established in Cedar Rapids, Iowa in 1992 and has a staff of over 700 employees with offices in Iowa, Georgia, Minnesota, and Illinois. In addition to financing, GreatAmerica offers innovative non-financial services to help our customers grow. www.greatamerica.com
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Contact: Matt Doty, Vice President, Corporate Communications
319.261.4188
mdoty@greatamerica.com