HAMILTON, Bermuda, Aug. 20, 2020 /PRNewswire/ -- Textainer Group
Holdings Limited (NYSE:TGH; JSE:TXT) ("Textainer" or "the
Company"), one of the world's largest lessors of intermodal
containers, today announced that Textainer Marine Containers VII
Limited ("TMCL VII"), an indirect, wholly-owned subsidiary of the
Company, issued $450 million of Fixed
Rate Asset Backed Notes (the "Notes") to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933 (the
"Act") and to non-U.S. persons in accordance with Regulation S
promulgated under the Act. The Notes comprise of $381 million in Class A and $69 million in Class B Notes rated A(sf) and
BBB(sf), respectively, by Standard & Poor's. The Notes have a
weighted average life of approximately four years and are secured
by a pledge of TMCL VII's assets. Proceeds from the issuance were
used primarily to pay down debt in our secured debt facility,
revolving credit facility and pay in full Textainer's 2017-1
Notes.
"We are pleased with the high level of investor interest in the
issuance, which allowed us to upsize to $450 million during this favorable financing
environment. This transaction further enhances our financial
platform with numerous benefits, such as lowering our blended
effective interest rate and freeing up borrowing capacity in our
short-term facilities for additional container investments,"
commented Michael K. Chan, 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 approximately 3.5
million TEU in our owned and managed fleet. We lease containers to
approximately 250 customers, including all of the world's leading
international shipping lines, and other lessees. Our fleet consists
of standard dry freight, refrigerated intermodal containers, and
dry freight specials. We also lease tank containers through our
relationship with Trifleet Leasing and are a 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 fleet, we buy older containers
from our shipping line customers for trading and resale. We sold an
average of approximately 140,000 containers per year for the last
five years to more than 1,500 customers making us one of the
largest sellers of used containers. Textainer operates via a
network of 14 offices and approximately 500 independent depots
worldwide. Textainer has a primary listing on the New York Stock
Exchange (NYSE: TGH) and a secondary listing on the Johannesburg
Stock Exchange (JSE: TXT). Visit www.textainer.com for additional
information about Textainer.
Source: Textainer Group Holdings Limited
Contact Information
Investor Relations
+1 415-658-8333
ir@textainer.com
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SOURCE Textainer Group Holdings Limited