| Wed 23 Apr 2008, 11:09 | | TRE/MOB - Trencor/Mobile Industries Limited - Tren |
|
MOB TRE
MOB TRE
TRE/MOB - Trencor/Mobile Industries Limited - Trencors textainer announces
new 5-year financing agreement
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1968/014997/06)
Share Code: MOB
ISIN: ZAE000091435
TRENCOR`S TEXTAINER ANNOUNCES NEW 5-YEAR FINANCING AGREEMENT
We draw attention to the following news release issued by Textainer
Group Holdings Limited, in which Trencor has a 62,6% beneficial interest:
"Hamilton, Bermuda, April 22, 2008 -- Textainer Group Holdings Limited
(NYSE:TGH) ("Textainer" or the "Company"), the world`s largest lessor of
intermodal containers based on fleet size, today announced that Textainer
Limited, which is a wholly-owned subsidiary of the Company, entered into
a $205 million, five-year revolving credit agreement with a group of
financial institutions led by Bank of America, N.A. and including Fortis
Capital Corp., Wells Fargo Bank, National Association, Credit Industriel et
Commercial, Bayerische Hypo- und Vereinsbank AG, KeyBank National Association
and Union Bank of California, N.A. The interest rate under the credit agreement
is a spread over LIBOR which varies based on the leverage of Textainer Limited.
At the closing, the initial interest rate will be LIBOR + 1.00%. The proceeds
from borrowings under the credit agreement are expected to be used to purchase
containers and for general corporate purposes.
The credit agreement represents a restructuring and increase of Textainer
Limited`s prior two-year, $75 million revolving credit facility.
"We are extremely pleased to have been able to increase both the size and
the term of Textainer Limited`s revolver," said John Maccarone, the
Company`s President and Chief Executive Officer. "Given the challenging
conditions in the credit markets today, we consider this new credit
agreement with both our existing and several new banks to be a clear
indication of their confidence in our business model and operating philosophy."
Mr Maccarone added, "We would like to thank Bank of America and the other
syndicate banks for their support."
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 the initial interest rate that is to apply at the closing
and the expected use of proceeds from the borrowings under the credit agreement.
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.
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.
Contact: Textainer Group Holdings Limited
Mr Tom Gallo
Corporate Compliance Officer
415-658-8227
ir@textainer.com"
Trencor Services (Pty) Ltd
Secretaries
23 April 2008
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 23/04/2008 11:09:01 Produced by the JSE SENS Department.
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