Class A Notes Achieve "AA" rating, a first for Greenbrier

Attractive long-term, non-recourse financing supports recurring revenue goal

LAKE OSWEGO, Ore., Nov. 20, 2023 /PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE: GBX) ("Greenbrier"), a leading international supplier of equipment and services to global freight transportation markets, today announced the completion of a follow-on offering of railcar asset-backed securities ("ABS") securing long-term financing for our leasing business.

GBX Leasing 2022-1 LLC, a wholly-owned special purpose subsidiary of GBX Leasing, LLC, a wholly-owned subsidiary of Greenbrier, issued an aggregate principal amount of $178.5 million of its Series 2023-1 Class A and Class B Notes ("Notes") with a blended interest rate of 6.5% and a 21/2 year call feature. The Notes are rated "AA" and "A" by S&P Global Ratings and have a weighted average life of approximately 6.5 and 6.7 years, respectively. The railcar securitization will be consolidated on Greenbrier's balance sheet but is non-recourse to Greenbrier.

Greenbrier CEO and President Lorie L. Tekorius stated, "We secured long-term, fixed-rate financing at attractive rates with a call feature that provides us forward flexibility to respond to a lower interest rate environment. This financing is structured to keep our balance sheet strong while we grow our lease fleet, a lynchpin to achieve our goal of increasing recurring revenue. The disciplined building of a high-quality railcar portfolio secured an "AA" rating on the Class A Notes, a first for Greenbrier. This demonstrates the industry-leading capabilities of our commercial and leasing teams. By working together, each team member leveraged their respective abilities in the railcar leasing and finance markets to achieve a superior result. I commend all of them on this successful collaboration."

About Greenbrier

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America through our maintenance services business unit. Greenbrier owns a lease fleet of approximately 13,400 railcars that originate primarily from Greenbrier's manufacturing operations. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. Learn more about Greenbrier at www.gbrx.com. 

Forward-Looking Statements

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