Benzinga | Nov 16, 2021 05:00PM EST

Textainer Group Reports Renewal, Extension Of $1.5B Warehouse Facility

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.