| Wed 30 Jun 2010, 9:38 | | TRE/MOB - Trencor/Mobile - Trencor`s textainer ann |
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MOB TRE
MOB TRE
TRE/MOB - Trencor/Mobile - Trencor`s textainer announces extension and increase
to securitization facility - financing facilities now total almost $1 Billion
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
("Mobile")
TRENCOR`S TEXTAINER ANNOUNCES EXTENSION AND INCREASE TO SECURITIZATION FACILITY
- FINANCING FACILITIES NOW TOTAL ALMOST $1 BILLION
We draw attention to the following news release issued by Textainer Group
Holdings Limited, in which Trencor has a 62,0% interest:
"Hamilton, Bermuda, June 29, 2010 (Business Wire) -- Textainer Group Holdings
Limited (NYSE: TGH) ("Textainer" ), the world`s largest lessor of intermodal
containers based on fleet size, today announced that Textainer Marine Containers
Limited ("TMCL"), Textainer`s primary asset owning subsidiary, extended and
increased the size of its securitization facility.
The total commitment under the securitization facility increased from $475
million to $750 million. The interest rate is 2.75% over LIBOR during an
initial two-year revolving period. If the securitization facility is not
refinanced or renewed during this two-year period, the facility is structured to
amortize over 10 years, but not to exceed the maximum term of 15 years.
"We are extremely pleased to extend and increase the size of TMCL`s
securitization facility," said John Maccarone, Textainer`s President and Chief
Executive Officer. "The $750 million facility significantly expands our access
to capital during a challenging credit environment and strengthens our
relationships with global lending institutions. With this agreement, we have
added five new banks to four existing banks, resulting in a stronger and more
diverse lending group for the benefit of the Company and its shareholders. We
believe the success of this transaction underscores our leadership position and
demonstrates the participating banks` strong confidence in and commitment to
Textainer."
"This securitization facility further strengthens our capital structure and
complements our $205 million bank revolver, which matures in 2013. These two
facilities total almost $1 billion, solidifying our ability to continue to grow
both organically and through acquisitions as we have done in the past."
Mr. Maccarone added, "We appreciate the ongoing support Textainer has received
from leading banks. We would like to thank Wells Fargo Securities for
structuring and placing the facility, Fortis Bank SA/NV and ING Bank as Mandated
Lead Arrangers as well as Bank of America and SunTrust Bank as Managing Agents.
We would also like to thank Fortis Bank Netherland, Credit Suisse AG, BTMU
Capital Corporation and DVB Bank for their participation."
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 and future interest rates under the securitization
facility. 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.
ABOUT TEXTAINER GROUP HOLDINGS LIMITED
Textainer has operated since 1979 and is the world`s largest lessor of
intermodal containers based on fleet size. We have a total of 1.5 million
containers, representing over 2.2 million twenty-foot equivalent units (TEU), in
our owned and managed fleet. We lease containers to more than 400 shipping
lines and other lessees, including each of the world`s top 20 container lines,
as measured by the total TEU capacity of their container vessels. We believe we
are one of the most reliable lessors of containers, in terms of consistently
being able to supply containers in locations where our customers need them. We
have provided an average of 96,000 TEU of new containers per year for the past
10 years and have been one of the largest purchasers of new containers among
container lessors over the same period. We are one of the largest sellers of
used containers among container lessors, having sold more than 100,000
containers during the last year to more than 1,000 customers. We provide our
services worldwide via a network of regional and area offices and independent
depots.
Source: Textainer Group Holdings Limited
Textainer Group Holdings Limited
Mr. Tom Gallo, 415-658-8227
Corporate Compliance Officer
ir@textainer.com"
Trencor Services (Pty) Ltd
Secretaries to Trencor and Mobile
30 June 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 30/06/2010 09:32:01 Produced by the JSE SENS Department.
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