JLG Industries, McConnellsburg, Pa., in May announced the sale of $54.8 million of finance receivables portfolio from the company's wholly owned subsidiary, Access Financial Solutions Inc.

Consistent with previous monetizations, and in compliance with U.S. GAAP regarding the sale of financial products, this transaction will be reported on JLG's balance sheet as pledged finance receivables with related limited recourse debt, and includes an $8.2 million maximum net loss exposure. Gross profit realized on this transaction is $2.8 million, which will be recognized over the life of the underlying portfolio sold. With the completion of this transaction, total monetizations in JLG's fiscal third quarter, including paydowns, will total slightly less than $70 million.

“Creating AFS has provided JLG with a strategic tool to offer customers a wide array of financing solutions to own our equipment,” said Kevin Ramsburg, AFS managing director, North America. “Of key importance is our focus on generating high quality transactions that can be monetized to traditional third-party funders on a regular basis.”

AFS was formed in August 2001 to offer JLG customers equipment finance solutions tailored to meet their individual economic, capital structure and operational requirements.