Conyers advised Buss Global Management on its asset-backed securitisation (“ABS”) of a portfolio of 116,000 container boxes with a net book value of US$275m. The Bermuda incorporated Issuer, MC 2021-1 Limited, financed its acquisition of the boxes by issuing two tranches of debt. US$160m of Class A notes were rated ‘A (sf)’ by Standard & Poor’s and US$29.75m of Class B notes were rated ‘BBB (sf)’. In addition, Equity Certificates were sold by Bermuda incorporated holding company, MC 2021-1 Holdings Ltd., to a third-party equity investor. This transaction was notable as it is the first time that 100% of the equity in a container box ABS has been sold to third-party investors.
Director Julie McLean, Associates Andrew Barnes and Kathleen McBeath of Conyers’ Bermuda office worked alongside Watson Farley & Williams London and New York office to advise on the matter.