HAMILTON, Bermuda, July 29, 2019 /PRNewswire/ -- Textainer Group Holdings Limited (TGH) ("Textainer"), one of the world's largest lessors of intermodal containers, today announced that Textainer Marine Containers II Limited ("TMCL II"), an indirect, wholly-owned subsidiary of the Company, completed an amendment to extend the term and lower pricing on its $1.2 billion warehouse facility used to acquire intermodal containers.
The facility incorporates a three-year revolving period that was extended to July 2022. If not refinanced or renewed following the three-year revolving period, the facility will partially amortize over the following four years and then mature on July 2026. Pricing on the facility consists of a spread over the London Interbank Offered Rate (LIBOR). The spread was reduced from 1.90% to 1.75%.
"We are pleased with the successful extension of our warehouse facility and the continued support of our bank group. The attractive terms and pricing of this facility improves Textainer's capital structure and flexibility to competitively pursue additional intermodal container investment," 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 more than 3 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, dry freight specials, and refrigerated intermodal containers. We also lease tank containers through our relationship with Trifleet Leasing and are the primary 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 lease fleet, we buy older containers from our shipping line customers for trading and resale. We sold an average of almost 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 depots worldwide.