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Textainer closes US$420 million of 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”)
TEXTAINER CLOSES US$420 MILLION OF FIXED RATE ASSET BACKED NOTES
We draw attention to the following news release issued by Textainer Group Holdings
Limited, in which Trencor has a 48% beneficiary interest:
“Hamilton, Bermuda - (Business Wire) - May 22, 2017 - Textainer Group Holdings
Limited (NYSE: TGH) (“Textainer”), one of the world's largest lessors of intermodal
containers, today announced that Textainer Marine Containers V Limited (“TMCL V”),
one of the company’s subsidiaries, issued $420 million of Fixed Rate Asset Backed Notes
(the “Notes”). The Notes were issued to qualified institutional buyers pursuant to Rule
144A under the Securities Act of 1933 (the “Act”) and to non-U.S. persons in accordance
with Regulation S promulgated under the Act. The Notes comprise of $350 million in
Class A and $70 million in Class B Notes rated A(sf) and BBB(sf), respectively, by
Standard & Poor’s. The Notes are scheduled to fully amortize over a weighted average
life of 4.65 years.
The proceeds from the issuance of the Notes were used to pay down certain short-term
debt. The Notes are secured by a pledge of TMCL V’s intermodal shipping container
assets.
The Notes were well received by investors, as the offering was significantly over-
subscribed. RBC Capital Markets, BofA Merrill Lynch and PNC Capital Markets LLC
served as the lead bookrunners for the transaction.
“This is our first ABS in over two years and follows a significant recent improvement in
the container leasing market. We were very pleased with the execution of our Notes
issuance, which is indicative of the position of Textainer as one of the industry’s leading
intermodal container lessors,” commented Hilliard C. Terry, III, Textainer’s Executive
Vice President and Chief Financial Officer.
Textainer Group Holdings Limited
Hillary C. Terry, III, +1 415-658-8214
Executive Vice President and Chief Financial Officer
ir@textainer.com”
Trencor Services (Pty) Ltd
Secretaries
23 May 2017
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
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