CAI International Inc., the global lessor of freight containers, got a $300 million term loan to refinance existing debt, according to a statement distributed by Business Wire today.
The six-year loan will pay an interest rate 3 percentage points more than the London interbank offered rate, according to the statement. Libor is the rate banks charge to lend to each other. CAI can immediately use $185 million of the loan while the remainder will have a nine-month draw-down period, the company said.
“This term loan has refinanced outstanding debt under our revolving credit facility and we now have in place $630 million of committed debt financing," Masaaki Nishibori, chief executive officer of CAI, said in the statement. ‘‘These two senior debt facilities, in conjunction with our recent equity raise, positions CAI to fully capitalize on the opportunities for investment and growth in 2011 as we try and serve our customers’ need for equipment.’’
ING Bank NV and Wells Fargo & Co. led the financing.
Victor Garcia, chief operating officer of the San Francisco-based company didn’t immediately return a phone call or respond to an e-mail seeking comment.
In addition to the new loan, CAI has $9 million under a $10 million term loan due in July 2014 and $205.6 million outstanding under a $330 million revolving credit line due September 2014, according to data compiled by Bloomberg.