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Textainer closes US$500 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$500 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) - Jun. 28, 2017 - Textainer Group Holdings
Limited (NYSE: TGH) (“Textainer” or the “Company”), 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 $500 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 $416 million in Class A and $84 million in Class B Notes rated A(sf) and
BBB(sf), respectively, by Standard & Poor’s. The Notes are scheduled to fully amortize
and have a weighted average life of approximately 4.9 years.
The proceeds from the issuance of the Notes were primarily used to pay down existing
bank facilities, enabling the Company to acquire new intermodal shipping containers and
related assets. The Notes are secured by a pledge of TMCL V’s assets.
The Notes were purchased by both new and repeat investors that participated in our
recent offering in May. RBC Capital Markets, BofA Merrill Lynch, Credit Suisse and
Wells Fargo Securities served as the lead bookrunners for the transaction.
“This is our second ABS offering in just two months and follows a significant recent
improvement in the container leasing market, coupled with strong capital markets
conditions. We were pleased to complete this Notes issuance, which represented one of
the largest ABS transactions in the history of our industry. This further validates our
position as one of the industry’s leading intermodal container lessors and positions us to
take advantage of the strong lease-out market,” 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
29 June 2017
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
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