PHILADELPHIA, PA, Aug 17, 2010 (MARKETWIRE via COMTEX) -- LEAF Financial Corporation ("LEAF"), the commercial finance subsidiary of Resource America, Inc. (NASDAQ: REXI), announced today the closing of a new securitization transaction: LEAF 2010-3, which was completed on August 17, 2010.
Through LEAF 2010-3, LEAF securitized approximately $175 million of leases, term funded by the issuance of Contract Backed Notes on behalf of LEAF Equipment Finance Fund 4, LP ("LEAF 4"), one of the investment partnerships it manages. Guggenheim Securities, LLC was the arranger of the notes and LEAF will continue to be the servicer for the assets. In connection with LEAF 2010-3, LEAF 4 will reduce outstanding debt on its warehouse credit facilities to provide capacity for future originations.
Crit DeMent, Chairman and CEO of LEAF Financial, said, "We are very pleased to have completed our third securitization so far this year. Most encouraging was the fact that the bonds in this transaction were sold to a wide variety of institutional investors, which not only demonstrates continued confidence in our business but in equipment leasing as an asset class. An active securitization market is integral to our business model as it allows us to finance assets with long term, match funding rather than through short-term warehouse facilities. LEAF will continue to access this market for financing of leases for itself and its managed entities."
Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, commercial finance, and financial fund management sectors. For more information please visit our website at www.resourceamerica.com or contact Marketing and Investor Relations at firstname.lastname@example.org.
Resource America, Inc.
SOURCE: Resource America, Inc.