Textainer‚ the world’s largest lessor of intermodal containers based on fleet size‚ on Tuesday announced it intends to offer up to 5 million of its common shares‚ and Halco Holdings intends to offer up to 2.5 million of the company’s common shares‚ in a registered‚ underwritten public offering.
Textainer Group Holdings said it had granted an option to the underwriters‚ exercisable for 30 days‚ to purchase up to an additional 1.1 million of its common shares at the public offering price‚ less the underwriting discount.
“”We are pleased to once again take advantage of opportunities presented by the current industry fundamentals and enter into another accretive transaction for our shareholders‚” Textainer president and CEO Philip Brewer said.
The company said it intended to use all of the net proceeds from this offering for capital expenditure and general corporate purposes.
“The company will not receive any of the proceeds from the sale of common shares by the selling shareholder.
“Bank of America Merrill Lynch‚ Wells Fargo Securities and Credit Suisse Securities (USA) are acting as joint book-running managers for the offering‚” Textainer said.
South African investment holdings company Trencor (TRE)‚ in its capacity as a discretionary beneficiary of the Halco Trust‚ the sole shareholder of Halco Holdings‚ had a 60.01% beneficiary interest in Textainer before the transactions announced.
Textainer said in a separate statement that it had entered two separate agreements to acquire 52‚000 twenty-foot equivalent units (TEUs) from its managed fleet for approximately $66m.
The purchase of about 4‚300 TEU was completed on August 1 2012 and the purchase of another 47‚800 TEU is expected to close by the end of September 2012.
“While managing containers is a key part of our business strategy‚ container ownership is typically more profitable‚” Brewer said.
“This transaction will increase the owned portion of our fleet and position us to further increase our profitability. We intend to continue to utilise our financial resources to take advantage of similar opportunities that allow us to grow the owned portion of our fleet.” - I-Net Bridge