HAMILTON, Bermuda, Aug. 23, 2021 /PRNewswire/ -- Textainer
Group Holdings Limited (NYSE:TGH; JSE: TXT) ("Textainer", "we", and
"our"), one of the world's largest lessors of intermodal
containers, today announced the completion of its public offering
on August 23, 2021 of 6,000,000
depositary shares, each representing a 1/1,000th interest in a
share of its 6.250% Series B Cumulative Redeemable Perpetual
Preference Shares, par value $0.01
per share and $25,000 liquidation
preference per share (equivalent to $25.00 per depositary share), for an aggregate
public offering price of $150,000,000, before underwriting commissions and
estimated expenses. The 6.250% dividend rate on the Series B
Cumulative Redeemable Perpetual Preference Shares is fixed for life
and does not reset. Textainer intends to list the depositary shares
on the New York Stock Exchange ("NYSE") under the ticker symbol
"TGH PRB".
"We are extremely pleased with the results of this issuance
which further strengthens our financial position with attractively
priced permanent capital," commented Olivier Ghesquiere, President and CEO of
Textainer. "When combined with the existing leverage of our debt
facilities, these funds further enhance our ability to finance
container investments during this favorable market environment with
low-cost financing sources."
Textainer intends to use the net proceeds of approximately
$144,875,000 after underwriting
commissions and estimated expenses from the offering for general
corporate purposes, including the purchase of additional intermodal
containers, repurchasing outstanding common shares, payment of
dividends and repaying or repurchasing outstanding indebtedness.
RBC Capital Markets, LLC, UBS Securities LLC, Keefe, Bruyette &
Woods, A Stifel Company and B. Riley Securities, Inc.
acted as joint book-running managers for the offering.
About Textainer Group Holdings Limited
Textainer has operated since 1979 and is one of the world's
largest lessors of intermodal containers with approximately 4.1
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, and we are one of the largest and most
reliable suppliers of new and used containers. Textainer operates
via a network of 14 offices and approximately 400 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).
Important Cautionary Information Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of U.S. securities laws. Forward-looking statements
include statements that are not statements of historical facts and
include, without limitation, statements regarding: the expected use
of proceeds of the sale of the Series B Preference Shares and
depositary shares, and the anticipated listing of the Series B
Preference Shares on the NYSE. Readers are cautioned that
these forward-looking statements involve risks and uncertainties,
are only predictions and may differ materially from actual future
events or results. For a discussion of some of these risks and
uncertainties, see Item 3 "Key Information— Risk Factors" in
Textainer's Annual Report on Form 20-F filed with the Securities
and Exchange Commission on March 18,
2021 and the risks described in the section entitled "Risk
Factors" in the prospectus supplement related to the offering of
the depositary shares. Textainer's views, estimates, plans and
outlook as described within this document may change subsequent to
the release of this press release. Textainer is under no obligation
to modify or update any or all of the statements it has made herein
despite any subsequent changes Textainer may make in its views,
estimates, plans or outlook for the future.
Contact Information
Investor Relations
+1 415-658-8333
ir@textainer.com
View original
content:https://www.prnewswire.com/news-releases/textainer-completes-public-offering-of-6-000-000-depositary-shares-representing--interests-in-series-b-preference-shares-301360814.html
SOURCE Textainer Group Holdings Limited