MARIETTA, Ga., June 26,
2024 /PRNewswire/ -- CAN Capital, Inc., ("CAN") an
innovator in alternative small business finance, has successfully
completed a $175 million funding
program, which includes a variable funding note facility with a
maximum borrowing amount of $50
million and a $125 million
asset-backed notes ("Notes") term securitization. This transaction
was CAN's second term securitization and its first since
2014. This financing provides CAN with fixed-cost borrowing
and will be recorded on its balance sheet as a financing
transaction.
The Notes were issued in three classes rated A, BBB and BB- by
KBRA. The blended yield on the Notes is 8.47% per annum.
The transaction also featured a dynamic advance rate,
depending on the then-current collateral composition, ranging from
92.25% to 96.75%. The initial receivables securing the
offered notes had an average original balance of $76,604.
"We are pleased to announce the completion of our first term
securitization since 2014, which will help fuel our growth for the
next several years" said Edward
Siciliano, CAN's CEO. "The strong reception reflects CAN's
long-standing presence in financing small businesses, favorable
market position, institutional backing and the strong management
controls and procedures put in place by its executive management
team."
Guggenheim Securities, LLC was sole structuring advisor,
book-running manager and initial purchaser.
This press release is not an offer to sell or solicitation to
buy securities in any jurisdiction where such actions are
unlawful.
About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer in
alternative small business finance. As a technology-powered
financial services provider, CAN uses innovative and proprietary
risk models combined with daily performance data to evaluate
business performance and facilitate access to capital in a fast and
efficient way. CAN makes capital available to businesses through
business loans made by WebBank and makes equipment financing
available through equipment loans and leases offered by various
providers of such products.
Investor Contacts:
Rich Irwin
Chief Financial Officer
678-239-3819
Ed Dietz
General Counsel
678-239-3711
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SOURCE CAN Capital