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Conyers advised on the Bermuda law aspects of CAL Funding III Limited (“CAL Funding III”), an indirect wholly-owned subsidiary of NYSE listed CAI International, Inc., issued on 19 September 2018. The offering consisted of US$331.5 million of 4.34% Series 2018-2 Fixed Rate Asset-Backed Notes, Class A (“Series 2018-2 Notes Class A”) and US$12 million of 5.22% Series 2018-2 Fixed Rate Asset-Backed Notes, Class B (“Series 2018-2 Notes Class B”).
The Series 2018-2 Notes Class A and the Series 2018-2 Notes Class B, are rated “A” and “BBB” respectively by Standard & Poor’s. The Series 2018-2 Notes have a scheduled maturity date of 25 September, 2028 and a legal final maturity date of 25 September, 2043.
Director Sophia Greaves and Associates Jennifer Panchaud and Elizabeth Blankendal of Conyers’ Bermuda office advised on the matter.