HAMILTON, Bermuda, Sept. 21, 2020 /PRNewswire/ -- Textainer
Group Holdings Limited (NYSE:TGH; JSE: TXT) ("Textainer"), 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
$829 million of fixed-rate
asset-backed notes, comprised of $532
million Series 2020-2 Class A Notes, $76 million Series 2020-2 Class B Notes,
$213 million Series 2020-3 Class A
Notes and $8 million Series 2020-3
Class B Notes (collectively the "Notes").
The Notes were issued 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 Class A and Class B Notes were rated A(sf) and
BBB(sf), respectively, by Standard & Poor's. The Notes have a
fixed coupon, a weighted average life of approximately five 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 our 2017-2 and
2018-1 Notes.
"These Notes allow us to benefit from the current low rate
environment to further decrease our borrowing costs while creating
additional capacity for future container investments. Following
today's issuance, our blended effective interest rate now stands at
approximately 3.10%" 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.
Contact Information
Investor Relations
+1 415-658-8333
ir@textainer.com
View original
content:http://www.prnewswire.com/news-releases/textainer-announces-829-million-asset-backed-financings-301134858.html
SOURCE Textainer Group Holdings Limited