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Textainer extends and lowers pricing on US$700 million revolving credit facility
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
TEXTAINER EXTENDS AND LOWERS PRICING ON US$700 MILLION REVOLVING CREDIT FACILITY
We draw attention to the following news release issued by Textainer Group Holdings
Limited, in which Trencor has a 47,9% beneficiary interest:
"Hamilton, Bermuda - (Business Wire) - Jun. 22, 2015 - 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, closed an amendment to extend the term
and lower the interest rate on Textainer Limited’s $700 million five-year revolving credit
facility.
"We are pleased to execute an extension and re-pricing of our $700 million revolving
credit facility. The interest rate on this facility was reduced from LIBOR plus 1.50% to
LIBOR plus 1.25%. We will now enjoy very attractive terms for 5 years, enabling us to
competitively meet our customers’ container leasing needs," commented Hilliard C.
Terry, III, Textainer Executive Vice President and Chief Financial Officer. "The excellent
terms we secured demonstrate our ability to differentiate Textainer as the clear leader in
container leasing and continue our successful efforts to reduce our overall funding costs."
The proceeds from borrowings under the revolving credit agreement are used to purchase
containers and for general corporate purposes. The credit agreement was originally
established in September 2012 and now expires in 2020. The interest rate under the credit
agreement is a spread over the London Interbank Offered Rate ("LIBOR") which varies
based on leverage and is LIBOR plus 125 basis points upon the effectiveness of the
amendment.
The group of lenders include: Bank of America, N.A.; Royal Bank of Canada; Union
Bank, N.A.; Wells Fargo Bank, National Association; BNP Paribas; JPMorgan Chase
Bank, N.A.; KeyBank National Association; DBS Bank Ltd.; Santander Bank N.A.; First
Hawaiian Bank; Branch Bank and Trust Company; Citibank, National Association; and
Umpqua Bank. Bank of America, N.A. also serves as Administrative Agent on the
revolving credit facility.
"We appreciate the continuing partnership and support of our banking partners,"
concluded Mr. Terry.
Textainer Group Holdings Limited
Hillard C. Terry, III, +1 415-658-8214
Executive Vice President and Chief Financial Officer
ir@textainer.com”
Trencor Services (Pty) Ltd
Secretaries
23 June 2015
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
Date: 23/06/2015 10:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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