General Finance Corporation Announces Partial Redemption of 8.125% Senior Notes Due 2021

Rhea-AI Summary

General Finance Corporation (NASDAQ: GFN) announced plans to partially redeem its 8.125% Senior Notes due July 2021. On December 23, 2020, the company will redeem $8.6 million of the Notes at $25 each, including accrued interest. The redemption will be funded using cash on hand. This strategic move reflects the company’s approach to managing its debt obligations effectively and enhances overall financial stability.

Positive

• Partial redemption of $8.6 million of Senior Notes enhances financial stability.
• Redemption funded with cash on hand indicates strong liquidity.

Negative

• None.

PASADENA, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- General Finance Corporation (NASDAQ:GFN), a leading specialty rental services company offering portable storage, modular space and liquid containment solutions (the “Company”), announced today that it will partially redeem its outstanding 8.125% Senior Notes due July 2021 (NASDAQ:GFNSL) (the “Notes”). On December 23, 2020 (the “Redemption Date”) the Company will redeem $8.6 million of the issued and outstanding principal amount of the Notes in accordance with the optional redemption provisions in the indenture governing the Notes. The redemption price will be $25 per Note (equal to 100% of the Notes’ original principal amount), plus accrued and unpaid interest through, but excluding, the Redemption Date. The Company intends to use cash on hand to fund the redemption.

This press release does not constitute a notice of redemption. Beneficial holders of the Notes with any questions should contact the brokerage firm or financial institution through which they hold the Notes.

The Notes selected for redemption should be presented and surrendered by mail to the office of the paying agent, Wells Fargo Bank, N.A., MAC N9300-070, 600 South Fourth Street, Minneapolis, MN 55402, Attention: Corporate Trust Operations, Phone Inquiries: (800) 344-5128.

About General Finance Corporation

Headquartered in Pasadena, California, General Finance Corporation (NASDAQ: GFN, www.generalfinance.com) is a leading specialty rental services company offering portable storage, modular space and liquid containment solutions. Management’s expertise in these sectors drives disciplined growth strategies, operational guidance, effective capital allocation and capital markets support for the Company’s subsidiaries. The Company’s Asia-Pacific leasing operations in Australia and New Zealand consist of wholly-owned Royal Wolf (www.royalwolf.com.au), the leading provider of portable storage solutions in those regions. The Company’s North America leasing operations consist of wholly-owned subsidiaries Pac-Van, Inc.(www.pacvan.com) and Lone Star Tank Rental Inc. (www.lonestartank.com), providers of portable storage, office and liquid storage tank containers, mobile offices and modular buildings. The Company also owns Southern Frac, LLC (www.southernfrac.com), a manufacturer of portable liquid storage tank containers and, under the trade name Southern Fabrication Specialties (www.southernfabricationspecialties.com), other steel-related products in North America.

Investor Contact

Larry Clark
Financial Profiles, Inc.
lclark@finprofiles.com
310-622-8223

FAQ

What is General Finance Corporation's plan for its Senior Notes due July 2021?

General Finance Corporation plans to partially redeem $8.6 million of its 8.125% Senior Notes on December 23, 2020.

How will General Finance Corporation fund the redemption of its Senior Notes?

The redemption of the Senior Notes will be funded using cash on hand.

What is the redemption price for General Finance Corporation's Senior Notes?

The redemption price for the Senior Notes is $25 per Note, which is equal to 100% of the Notes’ original principal amount.

When is the redemption date for General Finance Corporation's Senior Notes?

The redemption date is set for December 23, 2020.