Key Developments: Textainer Group Holdings Ltd (TGH)
37.80USD
17 Jun 2013
$0.15 (+0.40%)
$37.65
$38.02
$38.30
$37.60
172,514
162,018
$43.96
$27.12
Latest Key Developments (Source: Significant Developments)
Textainer Group Holdings Ltd Increases Quarterly Dividend
Textainer Group Holdings Ltd announced that the board of directors approved and declared a quarterly cash dividend of $0.46 per share on Textainer's issued and outstanding common shares, payable on May 29, 2013 to shareholders of record as of May 17, 2013. This dividend is an increase of $0.01 per share from the prior quarter. Full Article
Textainer Group Holdings Ltd Declares Quarterly Cash Dividend
Textainer Group Holdings Ltd announced that the Board of Directors approved and declared a quarterly cash dividend of $0.45 per share on Textainer's issued and outstanding common shares, payable on March 5, 2013 to shareholders of record as of February 22, 2013. This dividend is an increase of $0.01 per share from the prior quarter. Full Article
Textainer Group Holdings Ltd Acquires 24,000 TEU From Managed Container Portfolio
Textainer Group Holdings Ltd announced that it acquired approximately 24,000 TEU (twenty-foot equivalent units) of standard dry freight containers from its managed fleet for approximately $32.6 million. The acquisition increases the percentage of Textainer's owned fleet to 72% from 59% at the start of 2012. Full Article
Textainer Group Holdings Ltd Acquires Majority Interest In 99,000 TEU Managed Container Fleet
Textainer Group Holdings Ltd announced that it acquired a 50.1% interest in TAP Funding Ltd., a Bermuda company that owns an approximately 99,000 TEU (twenty-foot equivalent unit) fleet of containers managed by Textainer for approximately $78 million, including the value of TAP Funding Ltd.'s existing debt that remains outstanding. This fleet contains a well diversified mix of container types, including standard dry freight, refrigerated and specialized dry freight containers. Additionally, the fleet has high utilization and a diversified lessee mix consistent with Textainer's overall container fleet. Textainer has agreed with TAP Ltd., the other shareholder in TAP Funding Ltd., to continue to invest in new containers for this fleet, in order to both grow the portfolio and maintain the relatively young average age of the containers. Full Article
Textainer Group Holdings Ltd Increases Quarterly Dividend
Textainer Group Holdings Ltd announced that the board of directors approved and declared a quarterly cash dividend of $0.44 per share on Textainer`s issued and outstanding common shares, payable on November 28, 2012 to shareholders of record as of November 16, 2012. This dividend is an increase of $0.02 per share from the prior quarter. Full Article
Textainer Group Holdings Ltd Acquires 81,000 TEU Managed Container Portfolio
Textainer Group Holdings Ltd announced that it acquired approximately 81,000 TEU (twenty-foot equivalent units) of standard dry freight containers from managed fleet for approximately $98 million. Full Article
Textainer Group Holdings Ltd Completes $600 Million Revolving Credit Facility
Textainer Group Holdings Ltd announced that Textainer Limited, which is a wholly owned subsidiary of the Company, entered into a $600 million, five-year revolving credit agreement with a group of financial institutions led by Merrill Lynch Pierce Fenner & Smith Incorporated and Wells Fargo Securities LLC, and including Royal Bank of Canada; Union Bank, N.A.; HSBC Bank; KeyBank National Association; 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. will serve as Administrative Agent on the revolving credit facility. The interest rate under the credit agreement is a spread over the London Interbank Offered Rate (“LIBOR”) which varies based on leverage. At the closing, the initial interest rate will be LIBOR plus 150 basis points. The proceeds from borrowings under the credit agreement are expected to be used to purchase containers and for general corporate purposes. The facility also provides for a possible $100 million increase through an accordion feature the Company may elect to utilize. The new credit agreement represents a renewal and expansion of an existing five-year, $205 million revolving credit facility. Full Article
Textainer Group Holdings Ltd Announces Closing of Offering of 8,625,000 Common Shares
Textainer Group Holdings Ltd announced the closing of an underwritten public offering of an aggregate of 8,625,000 of its common shares at a price to the public of $31.50 per share. Of the common shares sold, the Company sold 6,125,000 common shares, which includes 1,125,000 common shares sold to the underwriters pursuant to the full exercise of their option to purchase additional shares, and Halco Holdings Inc (the selling shareholder) sold 2,500,000 common shares. The Company received $185,220,000 and the selling shareholder received $75,600,000, in each case net of underwriting discount and before expenses. The Company intends to use all of the net proceeds from this offering for capital expenditures and general corporate purposes. The Company did not receive any of the proceeds from the sale of common shares by the selling shareholder. BofA Merrill Lynch, Wells Fargo Securities and Credit Suisse Securities (USA) LLC acted as joint book-running managers for the offering. Full Article
Textainer Group Holdings Ltd Announces Pricing of Offering of 7,500,000 Common Shares
Textainer Group Holdings Ltd announced the pricing of an underwritten public offering of an aggregate of 7,500,000 of its common shares at a price to the public of $31.50 per share. Of the common shares to be sold, the Company intends to sell 5,000,000 common shares and Halco Holdings Inc. (the “selling shareholder”) intends to sell 2,500,000 common shares. Textainer has granted an option to the underwriters, exercisable for 30 days to purchase up to an additional 1,125,000 of its common shares at the public offering price, less the underwriting discount. The offering is expected to close on or about September 19, 2012. The Company intends to use all of the net proceeds from this offering for capital expenditures and general corporate purposes. The Company will not receive any of the proceeds from the sale of common shares by the selling shareholder. BofA Merrill Lynch, Wells Fargo Securities and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering. Full Article
Textainer Group Holdings Ltd To Acquire 52,000 TEU From Managed Container Portfolio
Textainer Group Holdings Ltd announced that it has entered into two separate agreements to acquire 52,000 TEU (twenty-foot equivalent units) from its managed fleet for approximately $66 million with the transfer of ownership rights effective as of August 1, 2012. The purchase of approximately 4,300 TEU was completed on August 1, 2012 and the purchase of approximately 47,800 TEU is expected to close by the end of September 2012. The two acquired fleets consist of standard dry freight containers and the purchases increase the percentage of Textainer’s owned fleet from 61% as of July 31, 2012 to 63% as of August 1, 2012. Full Article
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