Textainer Group Holdings priced an upsized $550 million asset-backed offering Tuesday, bringing the total volume of shipping container-lease ABS deals to over $1 billion for 2021.
The container-lease management firm priced the Series 2021-1 notes issued from its Textainer Marine Container VII master trust at par for a $523.5 million Class A tranche at a fixed-rate of 1.68%, and a $26.5 million Class B notes tranche at 2.52%.
That compares to a 2.1% senior-note coupon and 3.34% for the subordinate bonds in Textainer’s prior series (2020-2) issued last September.
The deal size nearly doubles the originally proposed issuance of $285.5 million for the Class A notes (which are single-A rated by S&P Global Ratings) and $14.5 million for the Class B bonds (rated BBB), according to a presale report from S&P.
The transaction follows a $503 million closing of Triton International’s TIF Funding 2021-1 deal that priced last week.
The new deals follow up a record year for shipping container lease ABS volume in 2020, involving 11 deals totaling $6.9 billion – most issued in the second half of the year.
The sector had seen little activity for the 18 months prior to August 2020 as issuers
