TAL Advantage renews warehouse facility with higher $650 million limit

By Tali Rackner

Norfolk, Va., Oct. 14 – Tal Advantage III LLC renewed its warehouse credit facility on Friday, extending the maturity by three years to Oct. 10, 2017 and increasing the credit limit to $650 million, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate during the revolving period was lowered to Libor plus 165 basis points. The advance rate remains at 81%.

If the facility is not refinanced or renewed following the three-year revolving period ending Oct. 10, 2017, the notes will convert to term notes with a maturity date of Oct, 10, 2021, the interest rate will increase to Libor plus 265 bps and the notes will amortize by 10% per year.

Proceeds will be used to finance the acquisition of equipment and for other general corporate purposes.

TAL Advantage is an indirect wholly owned subsidiary of Purchase, N.Y.-based TAL International Group, Inc., which leases intermodal containers and chassis.

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