Textainer Group Holdings Limited, one of the world's largest lessors of intermodal containers, announced that Textainer Marine Containers II Limited, an indirect, wholly-owned subsidiary of the Company, closed a refinancing to extend the term and lower the interest rate on its $1.2 billion warehouse financing facility used to acquire intermodal containers.

The facility incorporates a three-year revolving period that was extended to August 2020. If not refinanced or renewed following the three-year revolving period, the facility will partially amortize over the following four years and then mature. Pricing on the facility consists of a spread over the London Interbank Offered Rate (LIBOR). The spread was reduced from 2.25% to 1.90%.

“The warehouse facility is a key financing vehicle and the refinanced terms improve our funding costs and provide capacity for increased fleet growth in a very strong market,” commented Hilliard C. Terry, III, Textainer Executive Vice President and Chief Financial Officer.

The existing syndicate of lenders, consisting of Wells Fargo Bank, National Association; ABN AMRO Capital USA LLC; Bank of America; ING Bank Belgium NV/SA, N.A.; Royal Bank of Canada; SunTrust Bank; and KeyBank National Association, is joined by the addition of PNC Bank, National Association; Fifth Third Bank; and Everbank Commercial Finance Inc.

“We value the partnership and support of our new and long term banking relationships,” concluded Terry.