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TRENCOR LIMITED - Textainer announces US$350 million asset backed financing

Release Date: 26/04/2019 16:38
Code(s): TRE     PDF:  
Wrap Text
Textainer announces US$350 million asset backed financing

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


We draw attention to the following news release issued by Textainer Group Holdings
Limited, in which Trencor has a 47,52% interest:

"Hamilton, Bermuda, April 26, 2019 /PRNewswire/ - Textainer Group Holdings Limited
(NYSE:TGH) ("Textainer"), one of the world’s largest lessors of intermodal containers,
today announced that Textainer Marine Containers VII Limited ("TMCL VII"), an
indirect, wholly-owned subsidiary of the Company, issued $350 million of Fixed Rate
Asset Backed Notes (the "Notes") 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 $329 million in Class A
and $21 million in Class B Notes rated A(sf) and BBB(sf), respectively, by Standard &
Poor’s. The Notes have a weighted average life of approximately five years and are
secured by a pledge of TMCL VII’s intermodal shipping container assets. Proceeds from
the issuance were used to pay down certain short-term debt.

"We are pleased with the high level of investor interest in the TMCL VII 2019-1
issuance, which allowed us to upsize to $350 million with favorable terms and
conditions," commented Michael K. Chan, Textainer Executive Vice President and Chief
Financial Officer. "This transaction further enhances Textainer’s financial platform with
an impactful and cost-effective financing to support additional container investments as
we remain focused on driving disciplined growth and profitability."

Contact Information
+1 415-658-8333"

Trencor Services (Pty) Ltd
26 April 2019

Rand Merchant Bank (A division of FirstRand Bank Limited)

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