The Reed Smith team advising on this matter was led by San Francisco-based partners William S. Veatch and Catherine Young Hagerty.
The Reed Smith team helped structure the deal, announced April 26, so that Textainer Marine Containers VII Limited (TMCL VII), an indirect, wholly-owned subsidiary of the Company, issued $350 million of Fixed Rate Asset Backed Notes to qualified institutional buyers. The Notes comprise of $329 million in Class A and $21 million in Class B Notes rated A(sf) and BBB(sf), respectively, by Standard & Poor's. The Notes have a weighted average life of approximately five years and are secured by a pledge of TMCL VII's intermodal shipping container assets.
Textainer has operated since 1979 and is one of the world's largest lessors of intermodal containers with more than 3 million TEU in its owned and managed fleet.
This transaction further enhances Textainer's financial platform with an impactful and cost-effective financing to support additional container investments as the client remains focused on driving disciplined growth and profitability.
Reed Smith has assisted Textainer with financings in an aggregate amount in excess of $3.0 Billion.
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