Global Sea Containers Ltd. is marketing a $130 million of triple-B trated notes backed by sea container leases.
DBRS and Standard & Poor’s are both rating the notes, which are set to mature on Jan. 18, 2030. Credit Suisse is the sole structuring agent and the initial purchaser of the notes.
The notes will be issued under Global SC Funding One Limited, Series 2015-1; they ae backed by all outstanding class A shares of the issuer’s past securitizations, which include the rights to receive cash flows from available payments at the bottom of the payment waterfall in these deals.
The transactions being resecuritized include Floating Rate VFN Warehouse Series 2011-1, Floating Rate Term Series 2011-2 A1 and Fixed Rate Term Series 2011-2 A2. The portfolio backing these deals is sized at $1.23 billion and is comprised of 405,141 containers.
Global Sea Containers is a wholly owned subsidiary of Bohai Leasing, which is majority owned by HNA Group Co.