Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”, the “Company”,
“we” and “our”), the world’s largest lessor of intermodal containers
based on fleet size, today announced that Textainer Marine Containers
Limited (“TMCL”), Textainer’s primary asset owning subsidiary, closed
its offering of $400 million in aggregate principal amount of Series
2012-1 Fixed Rate Asset Backed Notes (the “Notes”). The Notes, initially
purchased by Wells Fargo Securities, LLC, BofA Merrill Lynch and Credit
Suisse, represent fully amortizing notes payable on a straight-line
basis over a scheduled payment term of ten years, but not to exceed the
maximum payment term of fifteen years. The Notes have a fixed interest
rate, payable monthly, of 4.21% per annum, resulting in an effective
semi-annual yield on the Notes of 4.25% per annum.
“We are extremely pleased with the $400 million debt offering,”
commented Philip K. Brewer, Textainer President and Chief Executive
Officer. “We are continuing to see strong demand for containers and the
additional liquidity from the Notes further bolsters our capacity to
grow organically, support our customers and continue as the industry
leader.”
The Notes were offered and sold by the initial purchasers of the Notes
to qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”) and to
non-U.S. persons in accordance with Regulation S promulgated under the
Securities Act. The proceeds from the issuance of the Notes are expected
to be used to repay certain outstanding indebtedness of TMCL, in
particular its Series 2010-1 Notes, and for general corporate purposes.
The Notes are secured by a pledge of TMCL’s assets.
“The successful issuance of the Notes highlights the ever improving
liquidity and investor interest in asset-backed container debt,” added
Hilliard C.