SeaCo plans to issue a $200 million marine container lease backed securitization deal that will be rate by Standard & Poor’s.
The ratings agency assigned preliminary ‘A’ ratings to the single tranche offering, Global SC Finance II SRL (Series 2013-1). Deutsche Bank is lead manager on the deal and is joint bookrunner on the deal along with Credit Suisse and RBS Securities.
The deal is backed by a portfolio containing 119,770 containers. This collateral is shared with the 2012-1 series issued by Global SC Finance II SRL. Global SC Finance II SRL has the right to lease revenues from the portfolio and any residual cash flows from the sale of containers. S&P noted in the presale report that the portfolio has a higher concentration in refrigerated containers, which have historically experienced more stable demand and higher utilization rates.
Seaco is one of the 10 largest marine cargo container lessors based on cost equivalent units (CEUs), with 8% market share, according to industry statistics, as of Dec. 31, 2012. The largest container lessors are Textainer Marine Containers Ltd. , Triton Container International Ltd., TAL International Group Inc. and Florens Container Services.