NEW YORK–(Business WIRE)–KBRA assigns preliminary ratings to six courses of notes issued by Encina Gear Finance 2022-1, LLC (“Encina 2022-1”), an products Abdominal muscles transaction.
Encina Gear Finance, LLC (“Encina”), founded in 2017 and headquartered in Westport, Connecticut, is an independent gear finance organization targeted on financing discrete earnings-developing crucial-use medium- and large-ticket tools to huge corporate obligors. Encina 2022-1 signifies Encina’s second general public tools Abs transaction.
As of April 30, 2022, the securitization benefit of the pool of devices contracts backing the transaction is roughly $280.1 million. The pool incorporates 50 obligors with a major obligor focus of 7.6{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} and an common contract securitization price of roughly $1.8 million. The pool is diversified by industries, devices forms and states.
Encina 2022-1 will issue 6 tranches of notes totaling $246.5 million. Credit enhancement is composed of overcollateralization, a reserve account, subordination for senior lessons and surplus unfold. The original overcollateralization of 12.{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} is subject matter to a focus on equal to the higher of 15.{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} of the present securitization price and 6.5{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} of the preliminary securitization worth. The reserve account will be funded 1.{797b2db22838fb4c5c6528cb4bf0d5060811ff68c73c9b00453f5f3f4ad9306b} at closing and is non-amortizing.
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