Wachovia Securities, formerly First Union, is showing investors its second shipping container deal of the quarter, a $300 million transaction for Textainer Corp. The deal is scheduled to price this week.
MBIA is providing a triple-A wrap on the deal, which is structured as a single five-year A-class. This will be the first term deal for the San Francisco-based subsidiary of Textainer Group Holdings.
Just last month, Wachovia closed a $210 million deal for Triton Containers. That deal was structured in two parts, also featuring triple-A MBIA wrap.
According to the company's public releases, Textainer is the largest lessor of standard dry freight containers globally.