Acquisition of standard dry freight and refrigerated containers
This is Clifford Capital’s second transaction with the Buss Global Group, following the first senior term loan financing in 2016.Clifford Capital has together with a number of international banks provided a US$153.8 million Senior Secured Term Loan Facility to finance the Buss Global-led acquisition of a portfolio of containers from Magellan Maritime Services GmbH. In addition, Clifford Capital has also helped bridge the financing with a preferred equity investment in Marine Container Management Limited Partnership (“MCMLP”), the acquisition and investment vehicle.
The financing is secured by the portfolio of containers which will be managed by Textainer Group Holdings Limited, one of the world’s largest lessors of intermodal containers who has managed intermodal containers Buss Global’s affiliated entities for over ten years.
MCMLP is an affiliate of the Buss Global Group, one of the largest independent owners and managers of marine containers with an established and significant presence in Singapore.
This transaction represents Clifford Capital’s first mezzanine investment, and is also the first time Clifford Capital is both a senior as well as a mezzanine lender in a project, demonstrating its unique value add for eligible Singapore-based companies. This is Clifford Capital’s second transaction with the Buss Global Group, following the first senior term loan financing in 2016.