Supply Side: Greenbrier, Lochner/Triunity

Written by Marybeth Luczak, Executive Editor
Greenbrier CEO and President Lorie L. Tekorius

Greenbrier CEO and President Lorie L. Tekorius

The Greenbrier Companies, Inc., completes its second railcar asset-backed securities issuance. Also, H.W. Lochner, Inc., a Chicago, Ill., transportation infrastructure planning and engineering services provider, acquires Denver, Colo.-based Triunity, Inc.


Greenbrier on Nov. 20 reported completing a follow-on offering of railcar asset-backed securities, which will secure long-term financing for its leasing business. The first offering was completed in early 2022.

According to Greenbrier, its GBX Leasing 2022-1 LLC, a wholly owned special purpose subsidiary of GBX Leasing, LLC, issued an aggregate principal amount of $178.5 million of its Series 2023-1 Class A and Class B Notes with a blended interest rate of 6.5% and a 2-1/2-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,” said Greenbrier, noting that the railcar securitization will be consolidated on Greenbrier’s balance sheet but is non-recourse to Greenbrier.

“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,” Greenbrier CEO and President Lorie L. Tekorius said. “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.”

In related developments, Greenbrier earlier this month published its fifth-annual Environmental, Social and Governance report, and in October reported its fourth-quarter 2023 and full-year financials.


Lochner Board Chairman and CEO Terry Ruhl

Lochner on Nov. 20 reported expanding its offerings in the transit and rail and the municipal services markets with its acquisition of Triunity, Inc., which provides program/project management and controls, construction management, and specialized communication systems/electrical engineering services for transit and rail agencies, as well as road and highway, aviation, water and wastewater, and municipal clients throughout the U.S. The company is headquartered in Denver and has offices in Los Angeles, Calif.; Seattle, Wash.; and Boston, Mass. It will now operate as Triunity, Inc., A Lochner Company, under the continued leadership of Jonnie and Marvin Thomas. Jonnie Thomas is also joining Lochner’s Board of Directors. Morrissey Goodale advised Lochner on the transaction.

“We are thrilled to welcome our new colleagues,” Lochner Board Chairman and CEO Terry Ruhl said. “Triunity’s stellar reputation for program/construction management services and differentiated engineering solutions are complementary to Lochner’s infrastructure-focused transit and rail portfolio. Lochner now has the scale and expertise to establish a National Transit & Rail Practice, under the leadership of Gary Thomas, the former President and Executive Director of Dallas Area Rapid Transit (DART). Additionally, with Triunity’s Colorado headquarters, we are planning in 2024 for the firm to become the Front Range Region for Lochner within our established surface transportation practice.”

“I am proud of the company Marvin and I have built and our dedicated team of professionals,” Triunity CEO Jonnie Thomas said. “In Lochner, we found a partner who shares our vision of becoming the company of choice for our employees and clients by harnessing the talents and ideas of a diverse group of individuals to improve public transportation in communities across America.”

Separately, John Tipton in October joined Lochner’s Transit & Rail practice as Senior Program Manager.

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