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Textainer Announces Pricing Of $651 Million Asset-Backed Financing

Mar 30, 2021•over 4 years ago
Hamilton

Description

Textainer Group Holdings Limited (NYSE:TGH; JSE: TXT) (, , and ), one of the world's largest lessors of intermodal containers, today announced that Textainer Marine Containers VII Limited (), an indirect, wholly-owned subsidiary of the Company, priced a new debt offering of $651 million of fixed-rate asset-backed notes, comprised of $605 million in Class A Notes and $46 million in Class B Notes (collectively the ). When issued, the Notes will have a fixed coupon with a weighted average effective annual interest rate of 2.29% and a weighted average life of approximately five years. The Notes will be secured by a pledge of TMCL VII's assets. When issued, the Class A and Class B Notes are expected to be rated A(sf) and BBB(sf), respectively, by Standard & Poor's

Company Information

Company

Textainer Group Holdings Limited

Location

Hamilton, Texas, United States

About

Textainer has operated since 1979 and is one of the world's largest lessors of intermodal containers with approximately 3.8 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).