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Trinity, Wafra Form $1bn Railcar Fund

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Trinity Industries, a leading provider of railcar products and services in North America, and the global alternative investment manager Wafra have created a new railcar investment vehicle program.

The RIV program will invest in diversified portfolios of leased railcars originated by Trinity Industries Leasing Company (TILC) targeting up to $1bn in total acquisitions over an expected three-year investment period.

The RIV program is structured as a new joint venture, Signal Rail Holdings, between Wafra Funds and Trinity, with Wafra Funds owning 90% and TILC owning 10% of Signal Rail. TILC will continue to service all railcars owned by Signal Rail.

In connection with the launch of the RIV program, Signal Rail has acquired an initial portfolio of approximately 3,600 railcars, representing a diverse pool of on-lease railcars from TILC’s leased railcar fleet. Signal Rail financed the acquisition of the Initial Portfolio through SRL 2021-1, an asset-backed securitization comprising $265m in two classes of notes rated by S&P and KBRA.

“Wafra is pleased to launch this partnership with Trinity, an established market and thought leader in railcar leasing and manufacture,” said Fawaz Al-Mubaraki, Wafra’s CEO. “Through this joint venture, Wafra builds on its portfolio of high-quality real asset investments. As long-term investors, we recognize the importance of forming partnerships with industry leaders like Trinity, as well as ensuring meaningful alignment as the basis of shared success. We look forward to growing our partnership with Trinity in the years ahead.”

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