LAKE
OSWEGO, Ore., Aug. 30,
2021 /PRNewswire/ -- The Greenbrier Companies,
Inc. (NYSE: GBX) ("Greenbrier"), a leading international supplier
of equipment and services to global freight transportation markets,
today announced the renewal and extension of three bank facilities
totaling over $1.0 billion.
Greenbrier successfully renewed and extended its $600 million domestic revolving facility and
$292 million term loan five years
while its Greenbrier Leasing subsidiary's non-recourse $200 million term loan was renewed and extended
six years. Following this activity, Greenbrier has no material debt
maturing in the next five years and staggered maturities beginning
in 2026 and into 2028.
William A. Furman, Chairman
and CEO said, "I would like to thank Greenbrier's bankers,
including Bank of America, N.A., for their strong and steady
support. Extending Greenbrier's banking facilities to
maintain our strong liquidity profile has been a critical part of
our strategy for managing the business through the pandemic and
into recovering markets. During the last five months,
Greenbrier has refinanced nearly $1.5
billion of debt, almost doubling the tenor of our debt by
extending maturities into 2028."
Furman added, "With a debt-to-equity ratio of
approximately 1:1 and dividends paid to shareholders for 29
consecutive quarters, Greenbrier has prudently managed capital to
maximize shareholder returns. Expansion of the GBX Leasing
platform continues through Greenbrier's purposeful approach to
capital deployment that balances equity and non-recourse debt in
rail fleet financings. Combined with momentum in our other
business units, these factors position Greenbrier well as the
economy and our markets continue to recover."
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 and marine
barges in North America,
Europe and Brazil. We are a leading provider of freight
railcar wheel services, parts, repair, refurbishment and
retrofitting services in North
America through our wheels, repair & parts business
unit. Greenbrier manages 445,000 railcars and offers railcar
management, regulatory compliance services and leasing services to
railroads and other railcars owners in North America. GBX Leasing (GBXL) is a special
purpose subsidiary that owns and manages a portfolio of leased
railcars that originate primarily from Greenbrier's manufacturing
operations. Together, GBXL and Greenbrier own a lease fleet of
8,700 railcars. Learn more about Greenbrier at
www.gbrx.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: This press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Greenbrier uses words
such as "continue", "maintain", and "well-positioned" and similar
expressions to identify forward-looking statements. These
forward-looking statements relate to a variety of matters,
including, without limitation, Greenbrier's liquidity profile and
financial positioning as the economy and its markets continue to
recover, statements that Greenbrier's current credit availability
will continue into 2028 and other statements that are not purely
statements of historical fact. These forward-looking statements are
not guarantees of future performance and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from the results contemplated by the forward-looking
statements. Factors that might cause such a difference
include, but are not limited to, future availability under
borrowing base formulas contained in the bank facilities, as well
as those risks that are described in further detail in Greenbrier's
reports filed with the Securities and Exchange Commission,
including under the headings "Risk Factors" and "Forward Looking
Statements" in Greenbrier's Annual Report on Form 10-K for the
fiscal year ended August 31, 2020, in
Greenbrier's subsequent Quarterly Reports on Form 10-Q and in
Greenbrier's other reports on file with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance
on these forward-looking statements, which reflect management's
opinions only as of the date hereof. Except as otherwise
required by law, Greenbrier does not assume any obligation to
update any forward-looking statements.
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SOURCE Greenbrier Companies, Inc.