SAN FRANCISCO--(BUSINESS WIRE)--Sep. 19, 2018--
CAI International, Inc. (CAI) (NYSE: CAI), announced that its indirect
wholly-owned subsidiary, CAL Funding III Limited (“CAL Funding III”),
today issued $331,500,000 of 4.34% Series 2018-2 Fixed Rate Asset-Backed
Notes, Class A (“Series 2018-2 Notes Class A”) and $12,000,000 of 5.22%
Series 2018-2 Fixed Rate Asset-Backed Notes, Class B (“Series 2018-2
Notes Class B”).
The Series 2018-2 Notes Class A and the Series 2018-2 Notes Class B, are
rated “A” and “BBB”, respectively, by Standard & Poor’s. The
Series 2018-2 Notes have a scheduled maturity date of September 25, 2028
and a legal final maturity date of September 25, 2043.
Victor Garcia, President and Chief Executive Officer of CAI, commented,
“We are very pleased to have concluded another successful securitized
note offering. The offering experienced strong demand which enabled us
to increase the final offering amount. With the completion of this
transaction, our fixed rate debt now represents approximately 65% of our
total outstanding debt, enabling us to significantly reduce our exposure
to the current rising interest rate environment.”
Mr. Garcia, continued “We believe that an overall rising interest rate
environment is positive for CAI as it allows us more flexibility to
renew our expiring leases at higher rates and helps support utilization
by making existing in-fleet equipment less expensive to our customers
than new equipment that is priced with an embedded higher interest rate.
The transaction will have minimal effect on CAI’s third quarter interest
About CAI International, Inc.
CAI is one of the world’s leading transportation finance and logistics
companies. As of June 30, 2018, CAI operated a worldwide fleet of
approximately 1.4 million CEUs of containers, and owned a fleet of 7,430
railcars that it leases within North America. CAI operates through 24
offices located in 14 countries including the United States.
This press release contains forward-looking statements regarding future
events and the future performance of CAI, including but not limited to,
CAI’s expectations regarding the securitized note offering. These
statements and others herein are forward-looking statements within the
meaning of the safe harbor provisions of Section 21E of the Securities
Exchange Act of 1934 and involve risks and uncertainties that could
cause actual results of operations and other performance measures to
differ materially from current expectations. CAI refers you to the
documents that it has filed with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the year ended December 31,
2017, its Quarterly Reports on Form 10-Q and its Current Reports on Form
8-K. These documents contain important factors that could cause actual
results to differ from current expectations and from forward-looking
statements contained in this press release. Furthermore, CAI is under no
obligation to (and expressly disclaims any such obligation to) update or
alter any of the forward-looking statements contained in this press
release whether as a result of new information, future events or
otherwise, unless required by law.
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Source: CAI International, Inc.
CAI International, Inc.
Tim Page, 415-788-0100