TAL upsizes revolver, extends maturity and increases pricing

By Sara Rosenberg

New York, Sept. 18 - TAL International Group Inc. increased the size of its asset-backed revolving credit facility to $225 million from $150 million, extended the maturity by one year and raised pricing, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The interest rate was increased to Libor plus 150 basis points during the initial revolving period.

If the facility is not refinanced or renewed prior to June 30, 2010, the interest rate will increase further and the facility will convert to a term loan and amortize in equal monthly installments through June 2018.

U.S. Bank is the lead bank on the deal.

TAL is a Purchase, N.Y.-based accompany involved in the acquisition, leasing, re-leasing, and sale of intermodal equipment and chassis.

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