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Textainer lowers its borrowing costs

9 May 2013

Logistics company Trencor said on Wednesday (8 May) that its 48.5% held subsidiary Textainer‚ which operates the world's largest fleet of containers‚ was able to extend the maturity and achieve a favourable repricing of its US$1.2bn financing facility.

Textainer entered into an amendment to extend its current two-year US$1.2bn warehouse securitisation facility by an additional year and also lower the interest rate on the facility to 1.95% over the London Interbank Offered Rate (Libor) during the new two-year revolving period.

Previously the facility was 2.625% over Libor.

The company also lowered the facility's unused fee and improved various other terms.

If the facility is not refinanced or renewed following the two-year period that ends in May 2015‚ the facility is structured to partially amortise over the following five years and then mature.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za