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Trencor’s Textainer closes US$301 million financing of “A” rated fixed rate secured notes
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor”)
TRENCOR’S TEXTAINER CLOSES US$301 MILLION FINANCING OF “A”
RATED FIXED RATE SECURED NOTES AND ESTABLISHES US$300
MILLION REVOLVING FACILITY FOR AGED CONTAINERS
We draw attention to the following news release issued by Textainer Group Holdings
Limited, in which Trencor has a 48,4% beneficiary interest:
“Hamilton, Bermuda - (Business Wire) - Sep. 25, 2013 - 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 III Limited (“TMCL III”), a newly established indirect wholly-owned
asset owning subsidiary, closed its offering of $300.9 million in aggregate principal
amount of Series 2013-1 Fixed Rate Asset Backed Notes (the “Notes”).
Additionally, Textainer recently established a $300 million asset backed revolving credit
facility under Textainer Marine Container IV Limited (“TMCL IV”), a new indirect
wholly-owned asset owning subsidiary. The facility provides Textainer a source of
financing for a diversified pool of older containers to assist in managing the container age
limits in the Company’s other term and warehouse facilities.
“We are pleased to complete our most recent debt offering which locks in fixed rate debt
at attractive levels below any of our existing fixed rate notes,” commented Hilliard C.
Terry, III, Textainer Executive Vice President and Chief Financial Officer. “This
financing establishes a new and more flexible trust structure for future debt issuance. We
are also pleased to have recently completed the TMCL IV revolving facility dedicated to
financing aged containers.”
The Notes, initially purchased by BofA Merrill Lynch, RBC Capital Markets and Wells
Fargo Securities, represent fully amortizing notes payable on a straight-line basis over a
scheduled term of ten years, but not to exceed the maximum term of twenty-five years.
The Notes which are rated “A” by Standard & Poor’s have a fixed interest rate, payable
monthly, of 3.90% per annum and were sold at approximately 99.5% of par value
resulting in a bond equivalent yield on the Notes of 4.05% per annum.
The proceeds from the issuance of the Notes will be used by TMCL III to acquire
shipping containers from Textainer’s other asset owning subsidiaries, Textainer Limited
and Textainer Marine Containers II Limited. These entities are expected to partially repay
certain outstanding floating rate indebtedness. The proceeds will also be used by TMCL
III to fund a restricted cash account, to pay the costs of issuance of the Notes and for
general corporate purposes. The Notes are secured by a pledge of TMCL III’s assets.
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.
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.
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
Erik Bylin, +1-510-315-1004
Investor Relations
ir@textainer.com”
Trencor Services (Pty) Ltd
Secretaries
26 September 2013
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
Date: 26/09/2013 11:37:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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