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Greenbrier Successfully Completes Railcar Asset-Backed Securities Issuance

  • Greenbrier Companies, Inc. completed an offering of $300 million in railcar asset-backed securities to secure long-term financing for its leasing business.
  • The subsidiary GBX Leasing 2022-1 LLC issued Series 2026-1 Class A & B Notes with a blended interest rate of 5.2% & a 2.5-year call feature.
  • S&P Global Ratings assigned "AA" & "A" ratings to the notes, which have weighted average lives of approximately 6.7 & 7.0 years respectively.
  • The securities are secured by railcars & associated operating leases but are non-recourse to Greenbrier despite consolidation on its balance sheet.
  • CEO Lorie L. Tekorius cited strong investor demand, stable utilization, & predictable cash flows as key drivers for the transaction.
  • Greenbrier owns a lease fleet of approximately 17,000 railcars primarily from its manufacturing operations & provides services globally in North America, Europe, Brazil, & the Middle East.