America Railcar Leasing is preparing its second equipment lease securitization, according to a presale report by Standard and Poor’s. The $325.3 million ARL Second LLC is much bigger than the sponsor's previous deal, completed in 2012, in part because the oil boom in North Dakota and Montana has boosted demand for tank cars.

ARL Second is backed by 5,865 railroad cars, nearly double the 3,020 backing, ARL 2012-1, according to the presale report. Tank cars represent 62% of the total; the other 38% of the pool is covered hoppers.

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