Commercial Credit (CCR) Files $100M IPO

Commercial Credit, Inc. (NYSE: CCR) filed a registration with the U.S. SEC for an IPO of its Common Stock. The proposed maximum offering price is $100 million. The company plans to list on the NYSE under the symbol, "CCR."

The offering is being made via JPMorgan and Keefe, Bruyette & Woods.

Financial statement from CCR: "Since our inception in October 2004, our sales force has directly originated $1.9 billion of loans and leases. As of December 31, 2014, we had a finance receivables portfolio of $611.5 million, comprised of over 3,900 loans and leases to more than 1,800 customers. We originate loans and leases that typically range from $50,000 to $2.5 million per transaction. For the nine months ended December 31, 2014, our average new contract was approximately $209,000, had an original term of 46 months and had a yield of 9.8%. We retain all of our originations and hold them to maturity."

Commercial Credit is an independent financial services company engaged in the financing of commercial equipment. The company said, "We provide secured loans and, to a lesser extent, leases to businesses that operate in the construction, fleet transportation and waste industries in the United States and Canada. Our target customers are primarily middle-market, family-owned businesses, and the equipment they finance with us is, in many cases, vital to their operations. This equipment includes mobile cranes, earth moving and paving equipment, over-the-road trucks and trailers, waste collection trucks and related equipment that are produced primarily by nationally recognized manufacturers."

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