Operating lease securitization

Trinity Industries, Inc., Trinity Leasing Company and Trinity Rail Leasing V L.P.

Our attorneys represented Trinity Industries, Inc. and its wholly-owned subsidiaries, Trinity Rail Leasing V L.P. ("TRL-V") and Trinity Industries Leasing Company ("TILC"), in the closing of TRL-V's issuance of $355,000,000 in Secured Railcar Equipment Notes, Series 2006-1. The Notes represent a long-term fixed-rate refinancing of approximately $443,000,000 (appraised value) of railcars leased to end-users under operating leases originated by TILC. The Notes were issued at a fixed rate of 5.90% with a rating of “Aaa” by Moody's and “AAA” by S&P, and are secured by a financial guaranty insurance policy issued by Ambac Assurance Corporation.


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