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TRE - Trencor Limited - Trencor`s textainer completes US$1,2 Billion Warehouse
Financing Facility
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
TRENCOR`S TEXTAINER COMPLETES US$1,2 BILLION WAREHOUSE FINANCING FACILITY
We draw attention to the following news release issued by Textainer Group
Holdings Limited, in which Trencor has a 60,1% beneficiary interest:
"May 1, 2012 - Hamilton, Bermuda - (Business Wire) - Textainer Group Holdings
Limited (NYSE: TGH) ("Textainer"), the world`s largest lessor of intermodal
containers based on fleet size, today announced the closing of a $1.2 billion
warehouse securitization facility.
Textainer Marine Containers II Limited ("TMCLII"), a new Textainer asset
owning subsidiary entered into the securitization facility and acquired a
portion of the intermodal containers owned by Textainer Marine Containers
Limited ("TMCL"), another asset owning subsidiary. TMCL used the proceeds it
received from TMCLII to terminate TMCL`s $850 million securitization facility.
"The closing of this financing marks another milestone for Textainer," said
Philip K. Brewer, Textainer`s President and Chief Executive Officer. "We are
continuing to see strong demand for containers and the additional liquidity
from this significantly larger securitization facility further strengthens our
capacity to grow organically, support customers and continue as the industry
leader."
The interest rate on the TMCLII securitization facility is 2.625% over LIBOR
during an initial two-year revolving period. If the TMCLII securitization
facility is not refinanced or renewed following this two-year period, the
facility is structured to partially amortize over the next five years and then
mature. The syndicate of participating banks include: ABN AMRO; Bank of
America, N.A.; Credit Suisse AG, Cayman Islands Branch; Deutsche Bank AG, New
York Branch; EverBank Commercial Finance Inc.; ING Bank N.V.; Key Equipment
Finance Inc.; Royal Bank of Canada; SunTrust Robinson Humphrey, Inc. and Wells
Fargo Bank, N.A. Wells Fargo served as the agent bank.
"This securitization facility enhances our already strong capital structure,
and coupled with our recent $400 million asset-backed notes issuance provides
ample dry powder for new investments," added Hilliard C. Terry, III,
Textainer`s Executive Vice President and Chief Financial Officer. "We are
pleased with the improved pricing and significantly increased size of the new
warehouse facility compared to the expiring facility."
Important Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
U.S. securities laws. Forward-looking statements include statements that are
not statements of historical facts, and include, but are not limited to,
statements concerning anticipated demand for containers, future growth and
available liquidity for future investments. Readers are cautioned that these
forward-looking statements involve risks and uncertainties, are only
predictions and may differ materially from actual future events or results.
These risks and uncertainties include, without limitation the risks and
uncertainties set forth in Textainer`s filings with the Securities and
Exchange Commission. For a discussion of some of these risks and
uncertainties, see Item 3D "Key Information-Risk Factors" in Textainer`s
Annual Report on Form 20-F filed with the Securities and Exchange Commission
on March 15, 2012.
The Company`s views, estimates, plans and outlook as described within this
document may change subsequent to the release of this press release. The
Company is under no obligation to modify or update any or all of the
statements it has made in this press release despite any subsequent changes
that the Company may make in its views, estimates, plans or outlook for the
future.
Textainer Group Holdings Limited
Mr. Tom Gallo, 415-658-8227
Investor Relations Director
ir@textainer.com"
Trencor Services (Pty) Ltd
Secretaries
2 May 2012
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
Date: 02/05/2012 09:46:01 Supplied by www.sharenet.co.za
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