HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 5, 2015-- Textainer Group Holdings Limited (TGH) (“Textainer” or the “Company”), the world’s largest lessor of intermodal containers based on fleet size, today announced the closing of an amendment to extend the term and lower the interest rate on a $300 million revolving credit facility used to finance seasoned income producing intermodal shipping containers.

Textainer Marine Containers IV Limited (“TMCL IV”), an indirect wholly-owned subsidiary of the Company, extended and amended the facility with Royal Bank of Canada, SunTrust Bank, ABN AMRO Capital USA LLC, and PNC Bank National Association. The interest rate on the TMCL IV facility was lowered to 1.95% over LIBOR during an initial three-year revolving period. Previously the facility was at 2.25% over LIBOR with a two-year revolving period. If the TMCL IV facility is not refinanced or renewed following this three-year period, the interest rate increases to 2.95% over LIBOR and the facility is structured to partially amortize over the next two years and then mature. The Company also lowered the facility’s unused fee and improved other terms.

TMCL IV will continue to use the proceeds of the facility to acquire and fund intermodal shipping containers that are at least five years old from Textainer’s other container owning subsidiaries.

“We are pleased to complete the refinancing of this credit facility at very favorable rates and improved terms,” commented Hilliard C. Terry, III, Textainer’s Executive Vice President and Chief Financial Officer. “This facility give us more capacity to finance older income producing containers and provides additional flexibility to our capital structure. We appreciate the support of our existing and new banking partners in this endeavor.”

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, but are not limited to, the expected use of proceeds from the borrowings under the credit facility and expectations for continued growth. 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.

The Company’s views, estimates, plans and outlook as described within this document may change subsequent to the release of this press release. The Company is under no obligation to modify or update any or all of the statements it has made in this press release despite any subsequent changes that the Company may make in its views, estimates, plans or outlook for the future.

About Textainer Group Holdings Limited

Textainer Group Holdings Limited and its subsidiaries (“Textainer”) is the world's largest lessor of intermodal containers based on fleet size. Textainer has more than 2 million containers, representing 3.2 million TEU, in its owned and managed fleet. Textainer leases dry freight, dry freight specialized, and refrigerated containers. Textainer is one of the world’s largest purchasers of new containers as well as one of the largest sellers of used containers. Textainer leases containers to approximately 400 shipping lines and other lessees, sells containers to more than 1,200 customers and provides services worldwide via a network of regional and area offices, as well as independent depots. More information is available on the Company’s website at http://investor.textainer.com

Source: Textainer Group Holdings Limited

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