| Thu 23 Jun 2011, 10:59 | | TRE - Trencor Limited - Trencor`s Textainer announces the issuance of $400 |
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TRE
TRE
TRE - Trencor Limited - Trencor`s Textainer announces the issuance of $400
Million of Series 2011-1 Fixed Rate Asset Backed Notes
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
("Trencor")
TRENCOR`S TEXTAINER ANNOUNCES THE ISSUANCE OF $400 MILLION OF SERIES 2011-1
FIXED RATE ASSET BACKED NOTES
We draw attention to the following news release issued by Textainer Group
Holdings Limited, in which Trencor has a 60,9% beneficiary interest:
"June 22, 2011: Hamilton, Bermuda--(Business Wire)--Textainer Group Holdings
Limited (NYSE: TGH) ("Textainer", the "Company", "we" and "our"), 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, closed its offering of $400 million in aggregate principal
amount of Series 2011-1 Fixed Rate Asset Backed Notes (the "Notes"). The
Notes, initially purchased by Wells Fargo Securities, LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated, represent fully amortizing notes payable
on a straight-line basis over a scheduled payment term of ten years, but not
to exceed the maximum payment term of fifteen years. The interest rate is
fixed at 4.70% per annum. The Notes were offered and sold by the initial
purchasers of the Notes to qualified institutional buyers pursuant to Rule
144A under the Securities Act of 1933, as amended (the "Securities Act") and
to non-U.S. persons in accordance with Regulation S promulgated under the
Securities Act. The proceeds from the issuance of the Notes are expected to be
used to repay certain outstanding indebtedness of TMCL, in particular its
Series 2010-1 Notes, and for general corporate purposes. The Notes are secured
by a pledge of TMCL`s assets.
"We are extremely pleased that TMCL was able to issue $400 million of Notes,"
said John Maccarone, Textainer`s President and Chief Executive Officer. "We
believe that the successful issuance of these Notes demonstrates institutional
investors` strong confidence in and commitment to Textainer."
"The successful issuance of these Notes will further strengthen our liquidity
position and will help to ensure that we have the financing necessary to
position Textainer for future growth."
Mr. Maccarone added, "We would like to thank Wells Fargo Securities, LLC and
Merrill Lynch, Pierce, Fenner & Smith Incorporated, as well as the co-managers
ABN AMRO Bank N.V., BNP Paribas, Credit Suisse Securities (USA) LLC, DVB Bank
S.E., ING Bank N.V., SunTrust Robinson Humphrey, Inc. and Unicredit Bank AG.
We would also like to thank the institutional investors who purchased the
bonds for their support."
The Notes have not been registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements of the
Securities Act and applicable state laws.
This press release shall not constitute an offer to sell or a solicitation of
an offer to purchase any of the Notes, and shall not constitute an offer,
solicitation or sale of the Notes in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful.
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 anticipated term of the Notes, the intended use of
proceeds from sale of the Notes, and the positioning of Textainer for future
growth. 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 3 "Key Information - Risk Factors"
in Textainer`s Annual Report on Form 20-F filed with the Securities and
Exchange Commission on March 18, 2011.
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
23 June 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
Date: 23/06/2011 10:59:01 Produced by the JSE SENS Department.
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