Textainer refinances its US$1,2 billion warehouse financing facility
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
TEXTAINER REFINANCES ITS US$1,2 BILLION WAREHOUSE FINANCING FACILITY
We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 48% beneficiary interest:
“Hamilton, Bermuda – (Business Wire) – Sep. 6, 2017 – 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.
Textainer Group Holdings Limited
Hilliard C. Terry, III, +1 415-658-8214
Executive Vice President and Chief Financial Officer
Trencor Services (Pty) Ltd
7 September 2017
Rand Merchant Bank (A division of FirstRand Bank Limited)