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Conyers advises CAL Funding IV Limited on US$742.7 million notes offering

Conyers advised on the Bermuda law aspects of CAL Funding IV Limited (“CAL Funding IV”), an indirect wholly-owned subsidiary of NYSE listed CAI International, Inc., issued on 9 September 2020. The offering consisted of US$715.9 million of 2.235% Series 2020-1 Fixed Rate Asset-Backed Notes, Class A (“Series 2020-1 Notes Class A”) and US$26.8 million of 3.535% Series 2020-1 Fixed Rate Asset-Backed Notes, Class B (“Series 2018-2 Notes Class B”).

The Series 2020-1 Notes Class A and the Series 2020-1 Notes Class B, are rated “A” and “BBB” respectively by Standard & Poor’s. The Series 2020-1 Notes have a scheduled maturity date of 27 March 2028 and a legal final maturity date of 25 September 2045. The net proceeds from the issuance of the Series 2020-1 Notes will primarily be used to repay all of the existing asset-backed notes issued by CAL Funding II Limited.

Director Sophia Greaves and Associates Andrew Barnes and Jacari Brimmer-Landy,(and Pupil Lauren Pereira) of Conyers’ Bermuda office advised on the matter.

 


Sophia Greaves
Director

Bermuda   +1 441 294 5929


Andrew Barnes
Associate

Bermuda   +1 441 278 8054



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