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TRAC Intermodal to call $150 million 11% notes due 2019 via new issue
By Susanna Moon
Chicago, March 7 – TRAC Intermodal LLC said it plans to redeem $150 million of outstanding principal amount of 11% senior secured notes due 2019 using proceeds of a new issue.
The company and TRAC Intermodal Corp. plan to offer $485 million principal amount of senior secured notes due 2021 in a Rule 144A and Regulation S private offering, according to a company announcement.
Proceeds also will be used to pay a cash dividend of about $325 million to the company’s ultimate shareholders.
TRAC Intermodal is a Princeton, N.J.-based provider of marine and domestic chassis.
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