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TRENCOR LIMITED - Textainer extends, reprices, and increases revolving credit facility to US$1,5 billion

Release Date: 03/10/2018 15:51
Code(s): TRE     PDF:  
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Textainer extends, reprices, and increases revolving credit facility to US$1,5 billion

TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor”)

TEXTAINER EXTENDS, REPRICES, AND INCREASES REVOLVING CREDIT FACILITY
TO US$1,5 BILLION

We draw attention to the following news release issued by Textainer Group Holdings Limited, in
which Trencor has a 48% interest:

“Hamilton, Bermuda - (Business Wire) - Oct. 3, 2018 - Textainer Group Holdings Limited (NYSE:
TGH) (“Textainer” or the “Company”), one of the world’s largest lessors of intermodal containers,
today announced that Textainer Limited (“TL”), a wholly-owned subsidiary of the Company,
completed an amendment to expand its revolving credit facility from $700 million to $1.5 billion,
lower pricing, and extend the term for five years.

The facility was originally established in September 2012 and as amended expires in September 2023.
Pricing consists of a margin over the London Interbank Offered Rate (LIBOR). The applicable
margin, which varies based on leverage, was reduced from 2.00% to 1.50%. Borrowings under the
facility are used to acquire intermodal containers and for general corporate purposes.

“We are very pleased with the successful completion of this amendment, the continued strong support
from our current banking partners and the addition of several new participants. The attractive pricing
secured for the next five years will help reduce our overall funding costs and improve our ability to
more competitively service our customer requirements” commented Michael K. Chan, Textainer
Executive Vice President and Chief Financial Officer.

In connection with the amendment, TL used proceeds from the facility to pay in full and terminate its
separate $190 million revolver credit facility, which would expire in July 2020, and its $332 million
outstanding term loan, which would mature in April 2019.

“Expanding the facility enabled us to simplify our capital structure, refinancing under improved terms
debt due to mature within the next two years, while also increasing our borrowing capacity for
additional well-priced container fleet growth and flexibility” concluded Mr. Chan.

The group of lenders includes ABN AMRO Capital USA LLC; Bank of America, N.A.; Branch
Banking and Trust Company; BNP Paribas; Citibank, N.A.; City National Bank; Compass Bank;
Credit Industriel et Commercial; DBS Bank Ltd.; Fifth Third Bank; HSBC Bank USA, N.A.; ING
Bank Belgium NV/SA, N.A.; KeyBank National Association; MUFG Union Bank, N.A.; PNC Bank,
National Association; Royal Bank of Canada; and Wells Fargo Bank, National Association, which
also serves as Administrative Agent.

Contact:

Textainer Group Holdings Limited
Michael K. Chan +1 415-658-8261
Executive Vice President and Chief Financial Officer
ir@textainer.com”

Trencor Services (Pty) Ltd
Secretaries
3 October 2018

Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net 

Date: 03/10/2018 03:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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