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Conyers Dill & Pearman advised on Bermuda law aspects of CAL Funding III Limited’s (“CAL Funding III”) issuance of US$332 million of 3.96% Series 2018-1 Fixed Rate Asset-Backed Notes, Class A (“Series 2018-1 Notes Class A”) and US$16.9 million of 4.80% Series 2018-1 Fixed Rate Asset-Backed Notes, Class B (“Series 2018-1 Notes Class B”) on 28 February 2018. Cal Funding III is an indirect wholly-owned subsidiary of NYSE-listed CAI International, Inc.
The Series 2018-1 Notes Class A and the Series 2018-1 Notes Class B are rated “A” and “BBB”, respectively, by Standard & Poor’s. The Series 2018-1 Notes have a scheduled maturity date of 25 February 2028 and a legal final maturity date of 25 February 2039.
Director Sophia Greaves and Associate Jennifer Panchaud of Conyers’ Bermuda office advised on the matter.