Container Applications is planning to sell $229 million of notes backed by container leases, according to a presale report published Monday by Standard & Poor’s.

The deal, CAL Funding II series 2013-1, consists of a single tranche with a preliminary ‘A’ rating from S&P. The notes have a legal final maturity of March 2028 but may be redeemed in part or in whole in March 2015.

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