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Global Container International Completes $253MM Asset-Backed Securitization

June 07, 2021, 07:21 AM
Filed Under: Marine

Global Container International LLC (GCl) announced the successful offering of $253 million fixed rated asset-backed notes secured by marine cargo containers subject to long-term lease. The Series 2021-1 offering consisted of Class A and Class B Notes rated A(sf) and BBB(sf) by both DBRS, Inc. and Kroll Bond Rating Agency. The Series 2020-1 Notes represents GCI’s second securitization, successfully 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.

Jeffrey Gannon, CEO of GCI, noted, “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. We look forward to expanding this asset backed program into the future.”

Global Container International LLC is a Bermuda-based marine container leasing company with worldwide operations including offices or agency representation in the United States.

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