Cronos Containers will issue a $200 million securitization backed by a portfolio of sea containers, according to Standard & Poor’s.
The deal, Series 2013-1 is structured as a single-note, fixed rate deal. S&P has assigned the tranche a preliminary ‘A’ rating.
The portfolio backing the deal is comprised of 203,072 containers with a net book value of $1.05 million. Wells Fargo Securities and Credit Suisse are joint bookrunners on the deal.
S&P said that the deal brings year to date volumes for the asset class to $950 million. Cronos follows CAI’s $229 million securitization, SeaCube Container’s $250 million deal and TAL International’s $271 million container deal.