Textainer Group Holdings, the world’s largest lessor of intermodal containers based on fleet size, has entered into an amendment to extend and reprice its $1.2 billion warehouse securitization facility.

The facility now has a three-year revolving period ending September 2017 and pays interest at a rate of Libor plus 170 basis points; previously the facility had a two-year revolving period and was priced at Libor plus 195 basis points. The company also lowered the facility’s unused fee and improved other terms.

If the facility is not refinanced or renewed following the three-year revolving period, it will partially amortize over the following four years and then mature.

Participating banks include: ABN AMRO Capital USA, Bank of America, Credit Suisse ING Bank Belgium NV, KeyBank National Association, Royal Bank of Canada, Santander Bank, SunTrust Bank and Wells Fargo Bank.

Wells Fargo Bank also served as the structuring agent and arranger.

“We are pleased with the refinancing of this sizable securitization facility at very favorable rates and improved terms,” Hilliard C. Terry, III, Textainer’s executive vice president and chief financial officer, said in a statement issued Tuesday.

He said that Textainer is the first container lessor to obtain a warehouse facility with a three-year revolving period.

Textainer had previously extended and repriced the facility in May 2013; prior to that date, it had paid Libor plus 262 basis points. Shortly after announcing the amendment, the company launched a $304.2 million securitization of shipping container leases. 

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