Textainer Refinances Its $1.2 Billion Warehouse Financing Facility
September 06 2017 - 4:05PM
Business Wire
Textainer Group Holdings Limited (NYSE:TGH) ("Textainer" or the
“Company”), one of the world's largest lessors of intermodal
containers, today announced that Textainer Marine Containers II
Limited ("TMCL II"), an indirect, wholly-owned subsidiary of the
Company, closed a refinancing to extend the term and lower the
interest rate on its $1.2 billion warehouse financing facility used
to acquire intermodal containers.
The facility incorporates a three-year revolving period that was
extended to August 2020. If not refinanced or renewed following the
three-year revolving period, the facility will partially amortize
over the following four years and then mature. Pricing on the
facility consists of a spread over the London Interbank Offered
Rate (LIBOR). The spread was reduced from 2.25% to 1.90%.
“The warehouse facility is a key financing vehicle and the
refinanced terms improve our funding costs and provide capacity for
increased fleet growth in a very strong market,” commented Hilliard
C. Terry, III, Textainer Executive Vice President and Chief
Financial Officer.
The existing syndicate of lenders, consisting of Wells Fargo
Bank, National Association; ABN AMRO Capital USA LLC; Bank of
America; ING Bank Belgium NV/SA, N.A.; Royal Bank of Canada;
SunTrust Bank; and KeyBank National Association, is joined by the
addition of PNC Bank, National Association; Fifth Third Bank; and
Everbank Commercial Finance Inc.
“We value the partnership and support of our new and long term
banking relationships,” concluded Mr. Terry.
About Textainer Group Holdings Limited
Textainer has operated since 1979 and is one of the world’s
largest lessors of intermodal shipping containers with a total of
2.1 million containers representing 3.2 million TEU in our owned
and managed fleet. We lease containers to approximately 320
customers, including all of the world’s leading international
shipping lines, and other lessees. Our fleet consists of standard
dry freight, dry freight specials, and refrigerated intermodal
containers. We also lease tank containers through our relationship
with Trifleet Leasing and are the primary supplier of containers to
the U.S. Military. Textainer is one of the largest and most
reliable suppliers of new and used containers. In addition to
selling older containers from our lease fleet, we buy older
containers from our shipping line customers for trading and resale.
We sold an average of more than 120,000 containers per year for the
last five years to more than 1,400 customers making us one of the
largest sellers of used containers. Textainer operates via a
network of 14 offices and approximately 500 depots worldwide.
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version on businesswire.com: http://www.businesswire.com/news/home/20170906006600/en/
Textainer Group Holdings LimitedHilliard C. Terry, III, +1
415-658-8214Executive Vice President and Chief Financial
Officerir@textainer.com
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