Global Container International Completes $244.5MM Asset-Backed Securitization
NOV 2, 2020 - 7:17 am
Global Container International, through its subsidiary GCI Funding I, issued $244.5 million of fixed rate asset-backed bonds secured by marine cargo containers subject to long-term lease. The Series 2020-1 Class A and Class B bonds were rated A(sf) and BBB(sf), respectively, by DBRS and Kroll Bond Rating Agency. The Series 2020-1 notes represent the inaugural asset-backed security transaction sponsored by Global Container International. Deutsche Bank Securities acted as sole structuring agent and lead bookrunner and Credit Suisse acted as joint bookrunner.
“Successfully closing this inaugural ABS transaction represents another significant milestone for GCI,” Jeffrey Gannon, CEO of Global Container International, said. “Opening access to institutional debt markets provides us an excellent source of efficient long-term, fixed rate funding to support our portfolio growth objectives. We look forward to building on the success of this transaction by expanding our ABS program over time.”
Global Container International is a Bermuda-based marine container leasing company.-
“Conduct yourself in every situation as if there was a spotlight on you and everyone can see what you’re doing behind the scenes. Do what’s right. If you do what’s right and work hard, then you’ll be successful.” Bette Kerhoulas’... read more
“You have to be enthusiastic about what you do. Even if you don’t think it’s that interesting when you first start a job, if you learn about it, it will become interesting. And with enthusiasm, you can become successful.” The... read more