NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings on seven
class of notes issued by CLI Funding VI LLC.
The transaction represents the 15th securitization and the
first rated by KBRA. The CLI Funding VI, LLC Master Trust is a special
purpose entity and wholly owned subsidiary of SeaCube that was
established to issue multiple series of notes. The Trust currently has
three series of notes outstanding, Series 2016-1, Series 2017-1 and
Series 2018-1.
The securitization is collateralized by a portfolio of 244,957
containers, with a net book value (“NBV”) of $1,049.5 million, and their
respective leases. The fleet is comprised of 20.7% refrigerated units
(“reefers”) by units, 76.2% dry container boxes by units and 3.1%
special containers by units. As reefers cost approximately
$12,000-$15,000 versus approximately $1,900 for standard dry container
boxes, the portfolio based on the NBV is 59.1% reefers and 36.3% dry
boxes.
All series of notes have the same amortization profile. Principal
amortization is paid sequentially to the Class A notes and then the
Class B notes, based on a minimum amortization (fifteen-year
amortization), followed by scheduled principal (ten-year amortization)
and then any supplemental principal. Supplemental principal is paid when
the outstanding principal balance of a respective class is greater than
its asset base. The series asset base is calculated by multiplying the
aggregate asset value of the containers by the advance rate and then by
the series asset allocation. All series also include early amortization
events whereby the senior class receives all funds after interest is
paid on both classes. Series specific early amortization events include
events of default, interest coverage ratio being less than 2.0x for four
consecutive months, and the weighted average age of the collateral pool
exceeding 9 years. The current fleet is relatively young with a weighted
average age of 3.0 years.
The preliminary ratings are based on information known to KBRA at the
time of this publication. Information received subsequent to this
release could result in the assignment of final ratings that differ from
the preliminary ratings.
| Series/Class | Preliminary Rating | Original Balance | Outstanding Balance | ||||||
| 2016-1 Class A | A (sf) | $140,100,000 | $71,976,000 | ||||||
| 2017-1 Class A | A (sf) | $235,000,000 | $184,218,975 | ||||||
| 2017-1 Class B | BBB (sf) | $13,700,000 | $10,897,205 | ||||||
| 2018-1 Class A | A (sf) | $361,700,000 | $321,187,451 | ||||||
| 2018-1 Class B | BBB (sf) | $17,900,000 | $15,895,094 | ||||||
| 2019-1 Class A | A (sf) | $285,900,000 | $285,900,000 | ||||||
| 2019-1 Class B | BBB (sf) | $14,100,000 | $14,100,000 |
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
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About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
designated as a designated rating organization by the Ontario Securities
Commission for issuers of asset-backed securities to file a short form
prospectus or shelf prospectus. KBRA is also recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.
Contacts
Analytical:
John
Lampasona, Director
(646) 731-2318
jlampasona@kbra.com
Zara
Shirazi, Director
(646) 731-3326
zshirazi@kbra.com
Adam
DeJong, Associate
(646) 731-2476
adejong@kbra.com
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