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Textainer closes US$420 million of fixed rate asset backed notes

TRENCOR LIMITED

(Incorporated in the Republic of South Africa)

(Registration No 1955/002869/06)

Share Code: TRE

ISIN: ZAE000007506

(“Trencor”)

TEXTAINER CLOSES US$420 MILLION OF FIXED RATE ASSET BACKED NOTES

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) - May 22, 2017 - Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), one of the world's largest lessors of intermodal containers, today announced that Textainer Marine Containers V Limited (“TMCL V”), one of the company’s subsidiaries, issued $420 million of Fixed Rate Asset Backed Notes (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 Notes comprise of $350 million in Class A and $70 million in Class B Notes rated A(sf) and BBB(sf), respectively, by Standard & Poor’s. The Notes are scheduled to fully amortize over a weighted average life of 4.65 years.

The proceeds from the issuance of the Notes were used to pay down certain short-term debt. The Notes are secured by a pledge of TMCL V’s intermodal shipping container assets.

The Notes were well received by investors, as the offering was significantly over-subscribed. RBC Capital Markets, BofA Merrill Lynch and PNC Capital Markets LLC served as the lead bookrunners for the transaction.

“This is our first ABS in over two years and follows a significant recent improvement in the container leasing market. We were very pleased with the execution of our Notes issuance, which is indicative of the position of Textainer as one of the industry’s leading intermodal container lessors,” commented Hilliard C. Terry, III, Textainer’s Executive Vice President and Chief Financial Officer.

Textainer Group Holdings Limited
Hilliard C. Terry, III, +1 415-658-8214
Executive Vice President and Chief Financial Officer
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Trencor Services (Pty) Ltd
Secretaries
23 May 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Home News 2017 News Textainer closes US$420 million of fixed rate asset backed notes

About Trencor

TRENCOR LIMITED is an investment holding company listed on the JSE. Trencor benefits from operations that focus on owning, leasing, managing and trading marine cargo containers worldwide, and related finance activities. Trencor has a beneficiary interest in Textainer.

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