---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-280718"
form_type: "8-K"
ticker: "GBX"
cik: "0000923120"
company_name: "GREENBRIER COMPANIES INC"
filed_at: "2023-11-20T23:59:59+00:00"
generated_at: "2026-06-07T23:43:55.965347+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Greenbrier closes $178.5M railcar ABS; Class A notes get first 'AA' rating

## Summary
- Closed $178.5M railcar ABS (Class A $158.9M at 6.42%, Class B $19.6M at 7.28%).
- Class A notes rated 'AA' by S&P, a first for Greenbrier; Class B rated 'A'.
- Notes have weighted average life of ~6.5 years (Class A) and ~6.7 years (Class B).
- Non-recourse financing with 2.5-year call feature; proceeds for general corporate purposes.
- CEO Tekorius says financing supports growth of lease fleet and recurring revenue goal.

## SEC filing metadata
- accession: 0001193125-23-280718
- form_type: 8-K
- ticker: GBX
- cik: 0000923120
- company_name: GREENBRIER COMPANIES INC
- filed_at: 2023-11-20T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/923120/000119312523280718/0001193125-23-280718-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/923120/000119312523280718/d608416d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-280718
- JSON: https://secwatch.observer/filing/0001193125-23-280718.json
- Plain text: https://secwatch.observer/filing/0001193125-23-280718.txt

## Key facts
- Debt Financings
  GREENBRIER COMPANIES INC incurred senior notes of $19,600,000 of the Issuer's Secured Railcar Equipment Notes, Series 2023-1 Class B with U.S. Bank Trust Company, National Association at 7.28% maturing November 20, 2053.
  - Instrument: senior notes
  - Principal: $19,600,000 of the Issuer's Secured Railcar Equipment Notes, Series 2023-1 Class B
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 7.28%
  - Maturity: November 20, 2053
  - Event: incurrence
  source text: The Notes were issued pursuant to a Master Indenture, dated February 9, 2022 (the “Master Indenture”) between the Issuer and U.S. Bank Trust Company, National Association, as indenture trustee, as supplemented by a Series 2023-1 Supplement dated November 20, 2023 (“Series 2023-1 Supplement” together with the Master Indenture, the “Indenture”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/923120/000119312523280718/0001193125-23-280718-index.htm
- Debt Financings
  GREENBRIER COMPANIES INC incurred senior notes of $158,900,000 of the Issuer's Secured Railcar Equipment Notes, Series 2023-1 Class A with U.S. Bank Trust Company, National Association at 6.42% maturing November 20, 2053.
  - Instrument: senior notes
  - Principal: $158,900,000 of the Issuer's Secured Railcar Equipment Notes, Series 2023-1 Class A
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 6.42%
  - Maturity: November 20, 2053
  - Event: incurrence
  source text: On November 20, 2023, GBX Leasing 2022-1 LLC (the "Issuer"), a Delaware limited liability company and a wholly owned special purpose subsidiary of GBX Leasing, LLC ("GBXL"), a wholly-owned subsidiary of The Greenbrier Companies, Inc. ("Greenbrier") issued (i) an aggregate principal amount of $158,900,000 of the Issuer's Secured Railcar Equipment Notes, Series 2023-1 Class A (the "Class A Notes")
  evidence_url: https://www.sec.gov/Archives/edgar/data/923120/000119312523280718/0001193125-23-280718-index.htm
- Material Agreements
  GREENBRIER COMPANIES INC entered into Series 2023-1 Supplement with U.S. Bank Trust Company, National Association valued at an aggregate principal amount of $158,900,000 of the Issuer's Secured Railcar Equipment Notes, Serie (effective 2023-11-20).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: U.S. Bank Trust Company, National Association
  - Value: an aggregate principal amount of $158,900,000 of the Issuer's Secured Railcar Equipment Notes, Serie
  - Effective: 2023-11-20
  source text: On November 20, 2023, GBX Leasing 2022-1 LLC (the “Issuer”), a Delaware limited liability company and a wholly owned special purpose subsidiary of GBX Leasing, LLC (“GBXL”), a wholly-owned subsidiary of The Greenbrier Companies, Inc. (“Greenbrier”) issued (i) an aggregate principal amount of $158,900,000 of the Issuer’s Secured Railcar Equipment Notes, Series 2023-1 Class A (the “Class A Notes”) and (ii) an aggregate principal amount of $19,600,000 of the Issuer’s Secured Railcar Equipment Notes, Series 2023-1 Class B (the “Class B Notes”) (the Class A Notes and the Class B Notes are, collectively, the “Notes”). The Notes were issued pursuant to a Master Indenture, dated February 9, 2022 (the “Master Indenture”) between the Issuer and U.S. Bank Trust Company, National Association, as indenture trustee, as supplemented by a Series 2023-1 Supplement dated November 20, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/923120/000119312523280718/0001193125-23-280718-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.