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HAMILTON, Bermuda, Aug. 20, 2020 /PRNewswire/ -- Textainer Group Holdings Limited (NYSE:TGH; JSE:TXT) ("Textainer" or "the Company"), one of the world's largest lessors of intermodal containers, today announced that Textainer Marine Containers VII Limited ("TMCL VII"), an indirect, wholly-owned subsidiary of the Company, issued $450 million of Fixed Rate Asset Backed Notes (the "Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 (the "Act") and to non-U.S. persons in accordance with Regulation S promulgated under the Act. The Notes comprise of $381 million in Class A and $69 million in Class B Notes rated A(sf) and BBB(sf), respectively, by Standard & Poor's. The Notes have a weighted average life of approximately four years and are secured by a pledge of TMCL VII's assets. Proceeds from the issuance were used primarily to pay down debt in our secured debt facility, revolving credit facility and pay in full Textainer's 2017-1 Notes. "We are pleased with the high level of investor interest in the issuance, which allowed us to upsize to $450 millionduring this favorable financing environment. This transaction further enhances our financial platform with numerous benefits, such as lowering our blended effective interest rate and freeing up borrowing capacity in our short-term facilities for additional container investments," commented Michael K. Chan, Textainer Executive Vice President and Chief Financial Officer. About Textainer Group Holdings Limited Textainer has operated since 1979 and is one of the world's largest lessors of intermodal containers with approximately 3.5 million TEU in our owned and managed fleet. We lease containers to approximately 250 customers, including all of the world's leading international shipping lines, and other lessees. Our fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. We also lease tank containers through our relationship with Trifleet Leasing and are a supplier of containers to the U.S. Military. Textainer is one of the largest and most reliable suppliers of new and used containers. In addition to selling older containers from our fleet, we buy older containers from our shipping line customers for trading and resale. We sold an average of approximately 140,000 containers per year for the last five years to more than 1,500 customers making us one of the largest sellers of used containers. Textainer operates via a network of 14 offices and approximately 500 independent depots worldwide. Textainer has a primary listing on the New York Stock Exchange (NYSE: TGH) and a secondary listing on the Johannesburg Stock Exchange (JSE: TXT). Visit www.textainer.com for additional information about Textainer. Source: Textainer Group Holdings Limited Contact InformationInvestor Relations+1 415-658-8333[emailprotected] SOURCE Textainer Group Holdings Limited Related Links http://www.textainer.com

Answer: Textainer Closes $450 Million Asset Backed Financing