Textainer Renews and Extends its $1.5 Billion Warehouse Facility

Rhea-AI Summary

Textainer Group Holdings Limited (NYSE: TGH) has successfully renewed and extended a $1.5 billion warehouse facility through its wholly-owned subsidiary, Textainer Marine Containers II Limited. This amendment includes a three-year revolving period until November 2024, followed by partial amortization leading to maturity in November 2028. The facility's pricing is set at 1.70% over the Secured Overnight Financing Rate (SOFR). The renewal enhances Textainer's capacity to invest in intermodal containers as market opportunities arise.

Positive

• Renewal of $1.5 billion warehouse facility enhances financial stability.
• Three-year revolving period provides liquidity for future investments.

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• None.

HAMILTON, Bermuda, Nov. 16, 2021 /PRNewswire/ -- Textainer Group Holdings Limited (NYSE: 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 renew and extend the term on its $1.5 billion warehouse facility used to acquire intermodal containers.

The facility incorporates a three-year revolving period that was extended to November 2024. If not refinanced or renewed following the three-year revolving period, the facility will partially amortize over the following four years and then mature in November 2028. Pricing on the facility consists of a spread of 1.70% over the Secured Overnight Financing Rate ("SOFR").

"We are very pleased with the successful completion of this renewal and the continued strong support from our banking partners. The warehouse facility is a key financing vehicle and this renewal supports our ability to continue investing in containers as we find attractive opportunities," 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 4.3 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, 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 400 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 is the significance of Textainer's $1.5 billion warehouse facility renewal?

The renewal enhances Textainer's ability to invest in intermodal containers and ensures financial liquidity.

When does the revolving period for Textainer's facility end?

The revolving period ends in November 2024.

What is the pricing structure of the renewed warehouse facility for TGH?

The pricing consists of a spread of 1.70% over the Secured Overnight Financing Rate (SOFR).

How long is the term of Textainer's renewed facility?

The term includes a three-year revolving period and matures in November 2028.

Who commented on the renewal of the warehouse facility?

Michael K. Chan, Executive Vice President and CFO of Textainer, commented on the successful completion of the renewal.