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Conyers advises Textainer Group Holdings on an amendment on Textainer Limited’s $700 million five-year revolving credit facility

July 2015 Sophia Greaves

Conyers advised Textainer Group Holdings Limited (NYSE:TGH) (“Textainer” or the “Company”), the world’s largest lessor of intermodal containers based on fleet size, in connection with the entry by Textainer Limited, which is a wholly-owned subsidiary of the Company, on an amendment to extend the term and lower the interest rate on Textainer Limited’s $700 million five-year revolving credit facility (the “Revolving Credit Facility”).

The interest rate on the Revolving Credit Facility was reduced from LIBOR plus 1.50% to LIBOR plus 1.25%. The proceeds from borrowings under the Revolving Credit Facility are used to purchase containers and for general corporate purposes. The Revolving Credit Facility was originally established in September 2012 and now expires in 2020. The interest rate under the Revolving Credit Facility is a spread over the London Interbank Offered Rate (“LIBOR”) which varies based on leverage and is LIBOR plus 125 basis points upon the effectiveness of the amendment.

The group of lenders party to the Revolving Credit Facility include: Bank of America, N.A.; Royal Bank of Canada; Union Bank, N.A.; Wells Fargo Bank, National Association; BNP Paribas; JPMorgan Chase Bank, N.A.; KeyBank National Association; DBS Bank Ltd.; Santander Bank N.A.; First Hawaiian Bank; Branch Bank and Trust Company; Citibank, National Association; and Umpqua Bank. Bank of America, N.A. also serves as Administrative Agent on the Revolving Credit Facility.

Sophia Greaves of Conyers’ Bermuda office advised on the matter.


Sophia Greaves

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