Joseph Bonney | Jun 30, 2010 1:13PM EDT
Container lessor Textainer Group increased its access to capital to nearly $1 billion, providing the company with more money to invest in equipment at a time when ship lines and cargo interests are struggling to obtain boxes.
The recent increase in global container volume has caught the industry short of containers and has been a factor in this year’s sharp increase in freight rates.
Bermuda-based Textainer, listed on the New York Stock Exchange, has 1.5 million containers with 2.2 million TEUs of capacity, making it the world’s largest lessor of intermodal boxes.
Textainer’s expanded financing comes from an increase in its securitization facility from $475 million to $750 million. The interest rate is 2.75 percent over the London Inter-Bank Offered rate during an initial two-year revolving period.
The new facility complements a $205 million revolving facility that matures in 2013.
“The $750 million facility significantly expands our access to capital during a challenging credit environment and strengthens our relationships with global lending institutions,” said CEO John Maccarone.
-- Contact Joseph Bonney at jbonney@joc.com.