Global law firm Norton Rose Fulbright's San Francisco and New York offices recently advised Textainer Group Holdings Limited (Textainer) and its subsidiary, Textainer Marine Containers VII Limited (TMCLVII) in its recent US$450 million asset-backed financing secured by a portfolio of shipping containers and related leases.
The transaction was the first securitization of 2020 in the shipping container space.
Hamilton, Bermuda-based Textainer, one of the world's largest lessors of intermodal containers, issued the fixed-rate, asset-backed notes to qualified buyers, according to Rule 144A under the Securities Act of 1933 (Act) and to non-U.S. persons per Regulation S promulgated under the Act.
The notes comprise of US$381 million in Class A and US$69 million in Class B notes and have a weighted average life of approximately four years. The notes are secured by a pledge of TMCLVIIs assets, and the issuance's proceeds were used to pay down debt and pay the client's 2017-1 Notes.
Textainer has operated since 1979 and operates via a network of 14 offices and approximately 500 independent depots worldwide. It leases containers to approximately 250 customers, and its fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials.
Catherine Hagerty and Bill Veatch led the US team, which included Lior Nuchi (San Francisco), Marian Baldwin Fuerst, Bill Cavanagh, Roy Goldman, Charlie Hord, Christy Rivera, Kevin Prokup, Adrienne Sebring, Kyung Park, Leslie Teng (New York) and Melanie King (San Francisco).