Textainer Completes a $300 Million Asset Backed Financing


  View printer-friendly version

<<  Back
Textainer Completes a $300 Million Asset Backed Financing

HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 20, 2018-- 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 VI Limited ("TMCL VI"), an indirect, wholly-owned subsidiary of the Company, closed a $300 million, seven year fixed rate term financing with a lender group comprised of a financial institution and an institutional investor. The facility partially amortizes and the remaining principal is due in full in seven years. The weighted average life of the deal is approximately five years and is secured by a pledge of TMCL VI’s intermodal shipping container assets. The proceeds of the financing were used to pay down certain short-term debt.

“The financing is an innovative private ABS structure with one of our financing partners and a traditional ABS notes investor. The deal increases our ratio of fixed rate debt and frees up borrowing capacity in our short-term facilities which we intend to use for additional container investments,” commented Hilliard C. Terry, III, 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 more than 3 million TEU in our owned and managed fleet. We lease containers to approximately 300 customers, including all of the world’s leading international shipping lines, and other lessees. Our fleet consists of standard dry freight, dry freight specials, and refrigerated intermodal containers. We also lease tank containers through our relationship with Trifleet Leasing and are the primary 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 lease fleet, we buy older containers from our shipping line customers for trading and resale. We sold an average of almost 120,000 containers per year for the last five years to more than 1,400 customers making us the largest seller of used containers. Textainer operates via a network of 14 offices and approximately 400 depots worldwide.

Source: Textainer Group Holdings Limited

Textainer Group Holdings Limited
Hilliard C. Terry, III, +1 415-658-8214
Executive Vice President and Chief Financial Officer