American Railcar Industries, Inc. Completes Railcar Lease Fleet Financing
ST. CHARLES, Mo., Dec. 21, 2012 (GLOBE NEWSWIRE) -- American Railcar
Industries, Inc. (ARI or the Company) (Nasdaq:ARII) announced today that it
has completed a $199.8 million financing of its railcar lease fleet (Credit
Facility) through its newly formed, wholly-owned subsidiary, Longtrain Leasing
I, LLC (Longtrain). The debt is an obligation of Longtrain that is
non-recourse to ARI and is secured by a portfolio of railcars and operating
leases acquired from ARI by Longtrain. The Credit Facility consists of a
senior secured delayed draw term loan that matures on February 28, 2018.
"The execution of the Credit Facility allows us to continue to focus on
growing our leasing business and funding general corporate obligations while
taking advantage of a historically low interest-rate environment," said James
Cowan, President and CEO of ARI.
ARI is a leading North American designer and manufacturer of hopper and tank
railcars. ARI and its subsidiaries lease railcars manufactured by the Company
to certain markets. In addition, ARI repairs and refurbishes railcars,
provides fleet management services and designs and manufactures certain
railcar and industrial components. ARI provides its railcar customers with
integrated solutions through a comprehensive set of high quality products and
related services. More information about American Railcar Industries, Inc. is
available on its website at www.americanrailcar.com.
Forward Looking Statement Disclaimer
This press release contains statements relating to ARI's and its subsidiaries'
expected financial performance and/or future business prospects, events and
plans that are "forward-looking statements" as defined under the Private
Securities Litigation Reform Act of 1995. Forward-looking statements represent
the Company's estimates and assumptions only as of the date of this press
release and are subject to known and unknown risks and uncertainties that
could cause actual results to differ materially from the results described in
or anticipated by ARI's forward-looking statements. The Company's Form10-K,
as amended by Form 10-K/A, for the year ended December31, 2011, subsequent
quarterly reports on Form10-Q and other subsequent filings with the
Securities and Exchange Commission identify important risks and other factors
that could cause actual results to differ materially from those contained in
the Company's projections, estimates and forward-looking statements. ARI
expressly disclaims any duty to provide updates to any forward-looking
statements made in this press release, whether as a result of new information,
future events or otherwise.
CONTACT: Dale C. Davies
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