Kroll Bond Rating Agency assigned preliminary ratings to GBX Leasing 2022-1 LLC, Series 2022-1, Class A and Class B notes issued by GBX Leasing 2022-1 LLC, a railcar securitization.

The issuer is a special purpose entity and a wholly-owned subsidiary of GBX Leasing and has been structured to issue multiple series of notes, including Series 2022-1. The equity in this transaction will be held by GBX Leasing, which is a joint venture between The Greenbrier Companies (which owns 93.5% of the joint venture) and The Longwood Group (which owns 6.5%). All of the railcars in the portfolio and the related leases are being purchased from wholly-owned subsidiaries of GBX Leasing.

The securitization is collateralized by a portfolio of 3,363 freight railcars with an aggregate average appraised value of $262.4 million (63.6% by value), including 753 intermodal railcars, and 1,126 tank railcars with an aggregate average appraised value of $150.3 million (36.4% by value). As of Nov. 30, 2021, approximately 43.6% of the railcars were on full-service leases, 16.2% were on per diem leases, 34.8% were on net leases and 5.5% were off-lease.