Intermodal container lessor Textainer Group Holdings has closed a $1.2 billion warehouse securitization facility.The new facility called Textainer Marine Containers II Limited (TMCLII) acquired a portion of the intermodal containers owned by Textainer Marine Containers Limited (TMCL), which is another asset owning subsidiary. TMCL used the proceeds it received from TMCLII to terminate its $850 million securitization facility.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 after this period, the facility is structured to partially amortize in the next five years and then mature.
The syndicate of participating banks include: ABN AMRO, Bank of America, Credit Suisse, Deutsche Bank, EverBank Commercial Finance, ING Bank, Key Equipment Finance, Royal Bank of Canada, SunTrust Robinson Humphrey and Wells Fargo Bank. Wells Fargo was the agent bank.