Container Leasing International is marketing a $291.4 million deal backed by a portfolio of maring cargo containers.
The series 2014-1 transaction will offer a single-tranche of class A notes, which Standard & Poor’s expects to rate AAA’. The notes are due June 18, 2039.
The deal's structure will include a $25 million prefunding account at closing, which will be available to fund the purchase of approximately $29 million in new containers.
Wells Fargo Securities and Deutsche Bank are the placement agents on the deal. Wells Fargo is also the structuring agent.
CLI’s portfolio includes seven different marine cargo container types and a small number of gensets (a type of generator used with refrigerated containers). The collateral of 333,339 containers is shared with the 2012-1, 2013-1, 2013-2, and 2013-3 series issued by CLI.
