TGH - Textainer prices $651M asset-backed financing
Textainer (TGH) priced a new debt offering of $651M f fixed-rate asset-backed notes, comprised of $605M in Class A Notes and $46M in Class B Notes.When issued, the Notes will have a fixed coupon with a weighted average effective annual interest rate of 2.29% and a weighted average life of ~5 years.Closing is expected on Apr.20.On closure, ~$300M of the issuance proceeds will be used to repay in full the remaining TMCL VII 2019-1 notes which have a weighted average effective annual interest rate of 4.06%; balance will be used to pay down bank facility debt.
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Textainer prices $651M asset-backed financing