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TRE - Trencor Limited - Trencor`s textainer completes the issuance of $400
million series 2012-1 fixed rate asset backed notes
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
TRENCOR`S TEXTAINER COMPLETES THE ISSUANCE OF $400 MILLION SERIES 2012-1 FIXED
RATE ASSET BACKED NOTES
We draw attention to the following news release issued by Textainer Group
Holdings Limited, in which Trencor has a 60,1% beneficiary interest:
"April 18, 2012 - Hamilton, Bermuda - (Business Wire) - 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. Terry,
III, Textainer Executive Vice President and Chief Financial Officer.
The Notes have not been registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements of the
Securities Act and applicable state laws.
This press release shall not constitute an offer to sell or a solicitation of an
offer to purchase any of the Notes, and shall not constitute an offer,
solicitation or sale of the Notes in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful.
Textainer Group Holdings Limited
Mr. Tom Gallo, 415-658-8227
Investor Relations Director
ir@textainer.com"
Trencor Services (Pty) Ltd
Secretaries
19 April 2012
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
Date: 19/04/2012 10:08:00 Supplied by www.sharenet.co.za
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