Textainer Group Holdings Limited Closes Acquisition of Leased Assets Pool Company Limited
2 January 2020
HAMILTON, Bermuda, Jan. 2, 2020 /PRNewswire/ -- Textainer Group Holdings Limited (NYSE: TGH) ("Textainer", "the Company", "we" and "our"), one of the world's largest lessors of intermodal containers, today announced that on December 31, 2019 the Company's wholly-owned subsidiary, Textainer Limited, completed the purchase of Leased Assets Pool Company Limited ("LAPCO"). Textainer previously announced entering an agreement on December 2, 2019 for the purchase of LAPCO for an equity value of approximately $66 million in cash (constituting assets of $192 million less outstanding debt of $126 million). The Company repaid LAPCO's existing debt at the closing by refinancing this debt in Textainer Limited's revolving credit facility.
LAPCO owns a fleet of approximately 163,000 TEU (twenty-foot equivalent units) of intermodal containers managed by Textainer and approximately 3,000 TEU of containers managed by other container lessors. LAPCO was an indirect subsidiary of Trencor Limited, which owns approximately 5% of Textainer's common shares. The percentage of Textainer's owned fleet increased to 85.4% from 80.8% upon the closing.
About Textainer Group Holdings Limited
Textainer has operated since 1979 and is one of the world's largest lessors of intermodal containers with more than 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 lease fleet, we buy older containers from our shipping line customers for trading and resale. We sold an average of almost 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.
SOURCE Textainer Group Holdings Limited