Textainer Announces Early Repayment of $ 208 Million Secured Term Loans



HAMILTON, Bermuda, 20 August 2021 / PRNewswire / – Textainer Group Holdings Limited (NYSE: TGH; JSE: TXT) (“Textainer”, “we” and “our”), one of the world’s largest intermodal container lessors, announced today that Textainer Marine Containers VI Limited ( TMCL VI), an indirect wholly owned subsidiary of the Company, has acquired approximately $ 208 million in the aggregate principal outstanding debt on senior secured term loans (“term loans”) with an average interest rate of 4.30% and an original planned maturity of February 2025

Textainer has made a full payment of approximately $ 11 million… In addition, we incurred a write-off of unamortized debt issuance costs in the amount of approximately 1 million dollars… Full payments and write-offs will be reflected in our third quarter earnings but will be excluded from our third quarter adjusted net income. Textainer used the borrowed funds under our existing lines of credit at a lower cost to pay the outstanding principal of the urgent loans and in full.

“The early redemption of these bonds will help us further optimize our financing platform. In addition, we can also lower our future effective interest rate by replacing $ 208 million Term loans at 4.30% using our credit lines at a lower price. We expect to more than fully recover the full payment of this redemption through future savings in interest, ”commented Michael K. Chan, Executive Vice President and Chief Financial Officer of Textainer.

About Textainer Group Holdings Limited

Textainer has been in business since 1979 and is one of the world’s largest intermodal container lessors with approximately 4.1 million TEUs in our own and operated fleet. We rent containers to approximately 250 clients, including all of the world’s leading shipping companies and other tenants. Our fleet consists of standard dry cargo, refrigerated intermodal containers and special dry cargo, and we are one of the largest and most reliable suppliers of new and used containers. Textainer has a network of 14 offices and about 400 independent warehouses around the world. Textainer is primary listed on the New York Stock Exchange (NYSE: TGH) and secondary listed on the Johannesburg Stock Exchange (JSE: TXT).

Important Warning Information Regarding Forward-Looking Statements

This press release contains forward-looking statements as understood by the US securities laws. Forward-looking statements include statements that are not statements of historical fact and include, but are not limited to, statements about: the expected decline in our total effective interest rate and the expected refund of the full payment. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are forecasts only, and may differ materially from actual future events or results. For a discussion of some of these risks and uncertainties, see Item 3, Key Information – Risk Factors, in Textainer’s Annual Report Form 20-F filed with the Securities and Exchange Commission. 18 March 2021 and the risks described in the “Risk Factors” section in the annex to the prospectus related to the placement of depositary shares.

Textainer’s views, assessments, plans and perspectives described in this document are subject to change following this press release. The Textainer is under no obligation to change or update any or all of the statements he has made here, notwithstanding any subsequent changes that the Textainer may make in his views, assessments, plans or projections for the future.

Contact Information
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+1 415-658-8333

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SOURCE Textainer Group Holdings Limited


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