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Trencor’s Textainer completes US$170 million revolving credit facility for TAP subsidiary
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$170 MILLION REVOLVING
CREDIT FACILITY FOR TAP SUBSIDIARY
We draw attention to the following news release issued by Textainer Group Holdings
Limited, in which Trencor has a 48,5% beneficiary interest:
“Hamilton, Bermuda - (Business Wire) - Apr. 26, 2013 - 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 TAP Funding Ltd
(“TAP”), a 50.1% owned subsidiary of the Company, entered into a $170 million, three-
year revolving credit facility with a group of financial institutions led by ABN AMRO
Capital USA LLC, and including ING Belgium NV/SA, Sovereign Bank, N.A. and,
Union Bank, N.A. ABN AMRO Capital USA LLC will serve as Administrative Agent
for the facility. The interest rate under the credit agreement is 200 basis points over the
London Interbank Offered Rate (“LIBOR”). The proceeds from borrowings under the
credit agreement are expected to be used to purchase containers and for general
corporate purposes. The facility also includes a $55 million accordion feature, which
TAP may elect to utilize and increase the size of the facility.
The facility represents the replacement and expansion of an existing three-year, $120
million revolving credit facility which had an interest rate of 375 basis points over
LIBOR. The prior credit agreement remained outstanding following the Company’s
acquisition of TAP in December 2012.
“This new bank facility, with its attractive lower cost of funds and improved terms, will
provide additional liquidity enabling Textainer to continue to meet our customers’
container leasing needs at attractive terms,” said Philip K. Brewer, Textainer President
and Chief Executive Officer.
“In addition to the savings from the significantly reduced interest rate in this facility, we
are currently reviewing our other debt facilities for ways to save on financing costs,”
added Mr. Brewer.
Textainer Group Holdings Limited
Hilliard C. Terry, III
Executive Vice President and Chief Financial Officer
+1-415-658-8214
ir@textainer.com”
Trencor Services (Pty) Ltd
Secretaries
29 April 2013
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
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