TRAC Intermodal draws $16 million revolving loan at Libor plus 225 bps

By Susanna Moon

Chicago, May 12 – TRAC Intermodal LLC drew $16 million under the revolving credit facility on Thursday to finance the call for its 11% senior secured notes due 2019, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans is one-month Libor plus 225 basis points, and the amount is due Dec. 10, 2020, which is the maturity date of the revolver.

Bank of America, NA is the administrative agent.

As announced April 12, the company called its $20 million of outstanding 11% notes for redemption at 105.5 plus accrued interest on May 12.

TRAC Intermodal is a Princeton, N.J.-based provider of marine and domestic chassis.

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