Touax shelves €200 million secured notes offering, will opt for lower-cost financing options

By Paul A. Harris

Portland, Ore., March 27 – Touax SCA announced in a Friday press release that it will not move forward with its €200 million offering of senior secured notes due 2020 (B/BB-) at this time and will continue using available alternative lower-cost financing options.

The Rule 144A and Regulation S for life deal was in the market via joint bookrunners Credit Agricole CIB and SG CIB.

The Paris-based company plans to use the proceeds to repay its and its subsidiaries’ term loan credit facilities and debt securities, as well as to repay and cancel two of its and its subsidiaries’ revolvers, to pay down the subsidiaries’ warehouse credit facilities and for other general corporate expenses.

Touax is a worldwide lessor of shipping containers, modular buildings, freight railcars and river barges.

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