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TEXTAINER GROUP HOLDINGS LIMITED - Textainer Announces $829 million Asset-Backed Financings

Release Date: 22/09/2020 07:05
Code(s): TXT     PDF:  
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Textainer Announces $829 million Asset-Backed Financings

Incorporated in Bermuda
Company number: EC18896
NYSE share code: TGH
JSE share code: TXT
ISIN: BMG8766E1093
(“Textainer”, “the Company”, “we” and “our””)

Textainer Announces $829 million Asset-Backed Financings

HAMILTON, Bermuda – September 21, 2020 – Textainer Group Holdings Limited (NYSE:TGH; JSE:
TXT) (“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 $829 million of fixed-rate asset-backed notes, comprised of $532 million Series 2020-2
Class A Notes, $76 million Series 2020-2 Class B Notes, $213 million Series 2020-3 Class A Notes and $8
million Series 2020-3 Class B Notes (collectively 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
Class A and Class B Notes were rated A(sf) and BBB(sf), respectively, by Standard & Poor’s. The Notes
have a fixed coupon, a weighted average life of approximately five years and are secured by a pledge of
TMCL VII’s assets. Proceeds from the issuance were used primarily to pay down debt in our secured debt
facility, revolving credit facility and pay in full our 2017-2 and 2018-1 Notes.

“These Notes allow us to benefit from the current low rate environment to further decrease our borrowing
costs while creating additional capacity for future container investments. Following today’s issuance, our
blended effective interest rate now stands at approximately 3.10%” commented Michael K. Chan, Textainer
Executive Vice President and Chief Financial Officer.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is one of the world’s largest lessors of intermodal containers with
approximately 3.5 million TEU in our owned and managed fleet. We lease containers to approximately 250
customers, including all of the world’s leading international shipping lines, and other lessees. Our fleet
consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. We also lease
tank containers through our relationship with Trifleet Leasing and are a supplier of containers to the U.S.
Military. Textainer is one of the largest and most reliable suppliers of new and used containers. In addition
to selling older containers from our fleet, we buy older containers from our shipping line customers for
trading and resale. We sold an average of approximately 140,000 containers per year for the last five years
to more than 1,500 customers making us one of the largest sellers of used containers. Textainer operates via
a network of 14 offices and approximately 500 independent depots worldwide. Textainer has a primary
listing on the New York Stock Exchange (NYSE: TGH) and a secondary listing on the Johannesburg Stock
Exchange (JSE: TXT). Visit for additional information about Textainer.

Source: Textainer Group Holdings Limited

Contact Information
Investor Relations
+1 415-658-8333

22 September 2020

Investec Bank Limited

Date: 22-09-2020 07:05:00
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