Textainer lowers its borrowing costs
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.