KBRA Assigns Preliminary Ratings to OWN Equipment Fund II LLC
12 Jun 2025 | New York
KBRA assigns preliminary ratings to three classes of notes issued by OWN Equipment Fund II LLC (OWN or the Issuer), an equipment rental ABS transaction. The transaction represents EquipmentShare.com Inc’s (EQS, Company, Equipment Manager or Co-Sponsor) third equipment rental ABS transaction as Equipment Manager and second as Co-Sponsor. The other co-sponsor will be OWN Tactical Equipment II LLC (OWN Tactical or Managing Investor), a newly formed HoldCo managed by MidOcean Credit Fund Management LP.
The transaction is secured by the equipment owned by the Issuer. EQS manages the Issuer’s equipment and has also entered into a lease with the Issuer. Under this lease, EQS pays the Issuer a variable lease payment equal to the rent billed by EQS to its customers for rental of the equipment, net of certain fees and expenses owed to EQS as Equipment Manager. The lease payments are the initial source of funds for payments to the noteholders.
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