Textainer Group Holdings Limited, the world’s largest lessor of intermodal containers based on fleet size, today announced that Textainer Limited, which is a wholly-owned subsidiary of the Company, utilized an accordion feature in its five-year revolving credit agreement to expand the facility from $600 million to $700 million.

 “This facility increase provides Textainer with additional liquidity, enabling us to competitively meet our customers’ container leasing needs,” commented Hilliard C. Terry, III, Textainer Executive Vice President and Chief Financial Officer. “This facility is very competitively priced at LIBOR plus 1.5% and is the most flexible of our debt facilities. The expanded size of this facility, coupled with the recent re-pricing of our $1.2 billion warehouse and the refinancing of the facility for our TAP subsidiary, are evidence of our continuing successful efforts to increase liquidity and reduce funding costs.”

The proceeds from borrowings under the revolving credit agreement are used to purchase containers and for general corporate purposes. The credit agreement was originally established in September 2012 and expires in 2017. The interest rate under the credit agreement is a spread over the London Interbank Offered Rate (“LIBOR”) which varies based on leverage and is currently LIBOR plus 150 basis points.

BNP Paribas, joined the existing group of lenders and Citibank, N.A. increased its existing lending commitment. The group of lenders includes: Bank of America, N.A; Wells Fargo Bank, N.A.; Royal Bank of Canada; Union Bank, N.A.; HSBC Bank; KeyBank, N.A.; JPMorgan Chase Bank, N.A.; Citibank, N.A.; DBS Bank Ltd.; Sovereign Bank, N.A.; First Hawaiian Bank; Branch Bank and Trust Company; and Umpqua Bank. Bank of America, N.A. also serves as Administrative Agent on the revolving credit facility.

Textainer Group Holdings Limited has operated since 1979 and is the world's largest lessor of intermodal containers based on fleet size.