Historic Levels of Railcar ABS Issuance Drives Multiple Transactions In Excess of $1B

Driven by extraordinary demand for securitized paper, 2021 saw historic levels of Railcar asset backed securities (ABS) issuance. Seyfarth’s structured finance team represented Napier Park Global Capital in three Railcar ABS issuances, with a total issue size of $1.077 billion backed by 23,714 tank and non-tank railcars. The first issuance involved a complex consent solicitation executed in parallel with a refinancing of senior notes. The second and third issuances were designated as Green Bonds; an ESG milestone highlighting the importance that the railcar sector plays in low carbon emissions transportation.