HAMILTON, Bermuda, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), one of the world’s largest lessors of intermodal containers, today announced that Textainer Limited ("TL"), a direct, wholly-owned subsidiary of the Company, completed an amendment to renew and extend the term on its revolver facility, additionally increasing the aggregate commitment amount from $1.5 billion to $1.9 billion.
The facility has an extended 5-year period with a maturity date through August 2027. The benchmark interest rate has been additionally transitioned to Secured Overnight Financing Rate (“SOFR”) due to the upcoming London Inter-Bank Offered Rate (“LIBOR”) discontinuation. The applicable interest rate has therefore been amended to the daily SOFR, plus a spread of 1.475% payable monthly in arrears.
“We are extremely pleased with the successful completion of this renewal and the overwhelming support from our banking partners, as evidenced by the $400 million increase in facility size and attractive pricing, which further serves as a testament to our strong performance and high-quality balance sheet. This increase in the revolver commitment provides additional flexibility and enhances Textainer’s already well-positioned capital structure,” commented Michael K. Chan, 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 4 million TEU in our owned and managed fleet. We lease containers to approximately 200 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, and we are one of the largest and most reliable suppliers of new and used containers. Textainer operates via a network of 14 offices and approximately 400 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). Visit www.textainer.com for additional information about Textainer.