Textainer Completes Public Offering of 6,000,000 Depositary Shares Representing an Interest in Series A Preference Shares

Rhea-AI Summary

Textainer Group Holdings Limited (NYSE:TGH) completed a public offering of 6,000,000 depositary shares on April 13, 2021, raising $150 million. Each depositary share represents a 1/1,000th interest in the company's 7.00% Series A Cumulative Redeemable Perpetual Preference Shares. The net proceeds of approximately $144.9 million will be utilized for general corporate purposes, including acquiring additional intermodal containers. Textainer's President, Olivier Ghesquiere, noted the positive market reaction and the attractiveness of this permanent capital for financing their asset structure.

Positive

• Raised $150 million through the public offering.
• Positive market reaction indicates investor confidence.
• Net proceeds will facilitate acquisition of additional intermodal containers.

Negative

• None.

HAMILTON, Bermuda, April 14, 2021 /PRNewswire/ -- Textainer Group Holdings Limited (NYSE:TGH; JSE: TXT) ("Textainer", "we", and "our"), one of the world's largest lessors of intermodal containers, today announced the completion of its public offering on April 13, 2021 of 6,000,000 depositary shares, each representing a 1/1,000th interest in a share of its 7.00% Series A Cumulative Redeemable Perpetual Preference Shares, par value $0.01 per share and $25,000 liquidation preference per share (equivalent to $25.00 per depositary share), for an aggregate public offering price of $150,000,000. Textainer intends to list the depositary shares on the New York Stock Exchange ("NYSE") under the ticker symbol "TGH PRA".

"We are very pleased to close our first issuance of perpetual preferred shares," commented Olivier Ghesquiere, President and CEO of Textainer. "We are very pleased with the positive market reaction to this offering and believe this is an attractively priced form of permanent capital that is well suited to add to the capital structure we use to finance our long-lived container assets."

Textainer intends to use the net proceeds of approximately $144,875,000 after underwriting commissions and estimated expenses from the offering for general corporate purposes, including the purchase of additional intermodal containers. RBC Capital Markets, LLC, UBS Securities LLC, Keefe, Bruyette & Woods, A Stifel Company and B. Riley Securities, Inc. acted as joint book-running managers for the offering.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is one of the world's largest lessors of intermodal containers with approximately 3.8 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, and we are one of the largest and most reliable suppliers of new and 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).

Contact Information
Investor Relations
+1 415-658-8333
ir@textainer.com

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SOURCE Textainer Group Holdings Limited

FAQ

What was the size of Textainer's recent public offering?

Textainer's recent public offering raised $150 million by selling 6,000,000 depositary shares.

What does each depositary share represent?

Each depositary share represents a 1/1,000th interest in a share of Textainer's 7.00% Series A Cumulative Redeemable Perpetual Preference Shares.

When was the public offering completed?

The public offering was completed on April 13, 2021.

What will Textainer use the net proceeds from the offering for?

Textainer will use the net proceeds of approximately $144.9 million for general corporate purposes, including purchasing additional intermodal containers.

What is the ticker symbol for Textainer's depositary shares?

The depositary shares are listed under the ticker symbol 'TGH PRA' on the NYSE.