CHICAGO -- Continental Bank Corp. said it completed a $45 million private placement of certificates backed by automobile-lease receivables for Franklin Equity Leasing Co., a St. Louis-based equipment rental and leasing company.

Continental said it structured the transaction and acted as agent for the private placement, which features $37.35 million of senior certificates and $7.65 million of subordinated certificates. A 9% cash collateral account, which grows to 11% over time, is a credit enhancement for the certificates, it said.

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