General Finance Corporation Confirms Full Redemption of 8.125% Senior Notes Due 2021

Rhea-AI Summary

On January 15, 2021, General Finance Corporation (NASDAQ:GFN) will redeem its remaining $11.6 million of 8.125% Senior Notes, due July 2021, at a price of $25 per note plus accrued interest. Following the redemption, the notes will be delisted from NASDAQ under the symbol 'GFNSL'. This strategic move indicates the company's commitment to reducing its debt obligations.

Trading of the notes will conclude on January 14, 2021, and a Form 25 will be filed with the SEC on January 22, 2021.

Positive

• Redemption of $11.6 million in Senior Notes reduces debt obligations.
• Strategic financial decision to enhance capital structure.

Negative

• Redemption may indicate previous financial strain or high leverage.

PASADENA, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- General Finance Corporation (NASDAQ:GFN), a leading specialty rental services company offering portable storage, modular space and liquid containment solutions (the “Company”), confirmed that on January 15, 2021 (as previously announced on December 16, 2020) it will complete the redemption of its remaining $11.6 million outstanding 8.125% Senior Notes due July 2021 (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, January 15, 2021. It is expected that the last day of trading of the Notes will be January 14, 2021.

As a result of the redemption of the Notes in their entirety, the Notes will be delisted from the NASDAQ Global Market Stock Exchange where they previously traded under the symbol “GFNSL.” The Company intends to file a Form 25 with the Securities and Exchange Commission on January 22, 2021.

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 the redemption date for the 8.125% Senior Notes of GFN?

The redemption date is January 15, 2021.

How much is General Finance Corporation redeeming in Senior Notes?

General Finance is redeeming $11.6 million in Senior Notes.

What will happen to the Senior Notes after redemption?

The Senior Notes will be delisted from NASDAQ after redemption.

What is the redemption price for the Senior Notes of GFN?

The redemption price is $25 per note, plus accrued interest.

When will trading of the Senior Notes conclude?

Trading of the notes will conclude on January 14, 2021.