KBRA Assigns Preliminary Scores to Encina Equipment Finance 2022-1
NEW YORK–(Enterprise WIRE)–KBRA assigns preliminary rankings to six courses of notes issued by Encina Machines Finance 2022-1, LLC (“Encina 2022-1”), an gear Abdominal muscles transaction.
Encina Devices Finance, LLC (“Encina”), started in 2017 and headquartered in Westport, Connecticut, is an impartial tools finance business targeted on funding discrete earnings-manufacturing necessary-use medium- and significant-ticket gear to massive corporate obligors. Encina 2022-1 represents Encina’s second general public products Abdominal muscles transaction.
As of April 30, 2022, the securitization price of the pool of products contracts backing the transaction is close to $280.1 million. The pool involves 50 obligors with a top obligor concentration of 7.6% and an average agreement securitization price of somewhere around $1.8 million. The pool is diversified by industries, equipment varieties and states.
Encina 2022-1 will concern six tranches of notes totaling $246.5 million. Credit history improvement is composed of overcollateralization, a reserve account, subordination for senior lessons and excessive distribute. The initial overcollateralization of 12.% is topic to a target equal to the bigger of 15.% of the present-day securitization worth and 6.5% of the initial securitization price. The reserve account will be funded 1.% at closing and is non-amortizing.
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