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Trencor’s Textainer completes US$600 million revolving credit facility
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor”)
TRENCOR’S TEXTAINER COMPLETES US$600 MILLION REVOLVING
CREDIT FACILITY
We draw attention to the following news release issued by Textainer Group Holdings
Limited, in which Trencor has a 48,93% beneficiary interest:
“Hamilton, Bermuda - (Business Wire) - Sep. 24, 2012 - Textainer Group Holdings
Limited (NYSE: TGH) (“Textainer” or the “Company”), the world's largest lessor of
intermodal containers based on fleet size, today announced that Textainer Limited, which
is a wholly-owned subsidiary of the Company, entered into a $600 million, five-year
revolving credit agreement with a group of financial institutions led by Merrill Lynch
Pierce Fenner & Smith Incorporated and Wells Fargo Securities LLC, and including
Royal Bank of Canada; Union Bank, N.A.; HSBC Bank; KeyBank National Association;
JPMorgan Chase Bank, N.A.; Citibank, N.A.; DBS Bank Ltd.; Sovereign Bank, N.A.;
First Hawaiian Bank; Branch Bank and Trust Company; and Umpqua Bank. Bank of
America, N.A. will serve as Administrative Agent on the revolving credit facility. The
interest rate under the credit agreement is a spread over the London Interbank Offered
Rate (“LIBOR”) which varies based on leverage. At the closing, the initial interest rate
will be LIBOR plus 150 basis points. The proceeds from borrowings under the credit
agreement are expected to be used to purchase containers and for general corporate
purposes. The facility also provides for a possible $100 million increase through an
accordion feature the Company may elect to utilize.
The new credit agreement represents a renewal and expansion of an existing five-year,
$205 million revolving credit facility.
“We continue to see an attractive environment for growth given increased reliance by our
shipping line customers on container lessors," said Philip K. Brewer, Textainer President
and Chief Executive Officer. "This new bank facility, with its attractive cost of funds, will
provide additional liquidity enabling Textainer to take advantage of these favorable trends
to maintain our leadership position in the industry.”
“Year-to-date the Company has completed approximately $2.4 billion of financing in the
debt and equity markets, resulting in over $1.3 billion in net incremental funding,"
commented Hilliard C. Terry, III, Textainer Executive Vice President and Chief Financial
Officer. "We appreciate the participation of new and existing banks and believe this is a
clear indication of their confidence in our business model, disciplined operating
philosophy and growth opportunities."”
Textainer Group Holdings Limited
Mr. Tom Gallo, 415-658-8227
Investor Relations Director
ir@textainer.com”
Trencor Services (Pty) Ltd
Secretaries
25 September 2012
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
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