TAL International Container plans to issue $238 million in securities backed by shipping container lease revenues and residual cash flows. It is the issuer's second deal of 2014, according to a Standard & Poor’s presale report.
The rating agency has assigned a preliminary A’ ratings to the $220 million of class A to be issued under the capital structure. S&P expects to assign a BBB’ ratings to the $18 million of class B notes. The notes are due May 2039.
According to the presale, the pool is comprised of an approximately $1.17 billion portfolio containing 271,808 containers. This collateral is shared with the issuer’s previous deals, including series 2013-1, 2013-2, and 2014-1.
BNP Paribas Securities, Wells Fargo Securities, and RBC Capital Markets are the lead managers on the deal.
TAL International is one of the 10 largest marine cargo container lessors based on Container Equivalent Units, with a 12.7% market share, according to S&P.