Global Container International Completes $253MM Asset-Backed Securitization

Global Container International completed an offering of $253 million fixed rated asset-backed notes secured by marine cargo containers subject to long-term leases.

The Series 2021-1 offering consisted of Class A and Class B Notes rated A(sf) and BBB(sf) by both DBRS and Kroll Bond Rating Agency. The Series 2020-1 notes represent Global Container International’s second securitization, expanding its asset-backed issuance program to approximately $500 million over the last 12 months.

Credit Suisse was structuring agent and joint bookrunner and Deutsche Bank Securities was joint bookrunner for the transaction.

“We were extremely pleased with the market’s positive reception of our most recent offering that included 23 unique investors and very attractive pricing from both a spread and yield perspective,” Jeffrey Gannon, CEO of Global Container International, said. “We look forward to expanding this asset-backed program into the future.”

Global Container International is a Bermuda-based marine container leasing company.

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