Textainer Completes a $300 Million Asset Backed Financing
February 20 2018 - 9:00AM
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 VI
Limited ("TMCL VI"), an indirect, wholly-owned subsidiary of the
Company, closed a $300 million, seven year fixed rate term
financing with a lender group comprised of a financial institution
and an institutional investor. The facility partially amortizes and
the remaining principal is due in full in seven years. The weighted
average life of the deal is approximately five years and is secured
by a pledge of TMCL VI’s intermodal shipping container assets. The
proceeds of the financing were used to pay down certain short-term
debt.
“The financing is an innovative private ABS structure with one
of our financing partners and a traditional ABS notes investor. The
deal increases our ratio of fixed rate debt and frees up borrowing
capacity in our short-term facilities which we intend to use for
additional container investments,” commented Hilliard C. Terry,
III, Textainer Executive Vice President and Chief Financial
Officer.
About Textainer Group Holdings Limited
Textainer has operated since 1979 and is one of the world’s
largest lessors of intermodal containers with more than 3 million
TEU in our owned and managed fleet. We lease containers to
approximately 300 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 almost 120,000 containers per year for the
last five years to more than 1,400 customers making us the largest
seller of used containers. Textainer operates via a network of 14
offices and approximately 400 depots worldwide.
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version on businesswire.com: http://www.businesswire.com/news/home/20180220005298/en/
Textainer Group Holdings LimitedHilliard C. Terry, III, +1
415-658-8214Executive Vice President and Chief Financial
Officerir@textainer.com
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