TAL International unit enters $350 million five-year credit facility

By Marisa Wong

Madison, Wis., Nov. 13 – TAL International Container Corp., a direct wholly owned subsidiary of TAL International Group, Inc., entered into a $350 million senior secured credit agreement with First Niagara Bank, NA as administrative agent and collateral agent on Nov. 7, according to an 8-K filing with the Securities and Exchange Commission.

The agreement has an initial two-year revolving period followed by a three-year term period with a maturity date of Nov. 7, 2019.

The interest rate is Libor plus 175 basis points.

TAL will use the proceeds to refinance debt, to purchase equipment and for other general corporate purposes.

TAL International Group is a freight container lessor based in Purchase, N.Y.

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