US healthcare equipment financing firm MMP Capital has completed its inaugural term securitisation in July 2025. This offering, MMP Capital 2025A, issued US$192m in notes backed by loans secured with medical aesthetic equipment contracts. Deutsche Bank Securities Inc. served as structuring agent and sole bookrunner on the deal and Deutsche Bank’s Trust and Securities Services team provided indenture trustee services to facilitate MMP Capital 2025A.

MMP Capital has built a US national footprint by providing flexible, high-speed financing tailored to small business needs. Its specialisation in the medical equipment space has helped build a portfolio of equipment loans backed by durable collateral and recurring demand that proved attractive to asset-backed securities (ABS) investors.

The securitisation marks the company’s entry into the capital markets, providing additional liquidity to expand its financing offerings and allowing MMP to reach more customers in established and emerging verticals. It also signals a positive institutional opinion of MMP Capital’s portfolio.

“MMP Capital 2025-A’s overwhelming reception underscores the trust and confidence investors have in our business”
John-Paul M Smolenski, CEO of MMP Capital

Demand from the institutional investment community exceeded MMP Capital’s expectations. The notes drew orders from nearly 30 unique investors, and at final pricing were nine times oversubscribed. This oversubscription allowed MMP Capital to substantially tighten spreads from launch to close, indicating deep market confidence in the credit quality of the underlying assets. The senior tranche of the deal earned a Moody’s rating of Aa3, signaling a strong endorsement of the structure and asset performance.

“MMP Capital 2025-A’s overwhelming reception underscores the trust and confidence investors have in our business, our differentiated value proposition for customers and partners, and our disciplined approach to risk,” said John-Paul M. Smolenski, CEO of MMP Capital. “This inaugural ABS marks a pivotal milestone in our strategy to expand our existing business and explore new asset classes.”¹

Deutsche Bank has been working with MMP Capital for some years. In 2022, MMP Capital achieved a significant milestone by securing its first internal funding facility with Deutsche Bank for US$100m. This strategic move, said the company in 2024,² “underscored not only the company’s financial status but also its ability to foster important relationships in the financial sector”.

This latest securitisation is just one example of how the relationship has deepened.

Daniel Gerber, Managing Director, Deutsche Bank Securities Inc reflected, “We were pleased to be able to provide MMP with the senior capital it needed to get its balance sheet lending business off the ground, and subsequently act as underwriter on its first ABS offering. The company has unique expertise in generating quality assets which was recognised by investors and rating agencies alike.”

Brian Studdert, Head of Trust and Securities Services, Americas, Deutsche Bank added, “We are delighted to partner with MMP Capital and are excited to have been selected to serve as indenture trustee, registrar, paying agent, securities intermediary, and calculation agent for this noteworthy transaction. We are also pleased to be working in partnership with Deutsche Bank Securities on this deal.”

Sources

¹ See mmpcapital.com
² See equipmentfinancenews.com