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Trinity Industries’ TRIP Railcar gets $535 million term loan
By Marisa Wong
Los Angeles, May 21 – TRIP Railcar Co., LLC as borrower, Trinity Industries Leasing Co. (TILC) and TRIP Rail Holdings LLC (TRIP Holdings) entered into a $535 million term loan agreement on Tuesday with Credit Suisse AG, New York Branch as agent and U.S. Bank NA as collateral agent and depositary, according to an 8-K filing with the Securities and Exchange Commission.
TILC is a wholly owned subsidiary of Trinity Industries, Inc.; the equity members of TRIP Holdings are TILC and other investors; and TRIP Railcar is a wholly owned subsidiary of TRIP Holdings.
Loans will bear interest at Libor plus 185 basis points.
The funding of any loans is expected to occur on or about June 15.
TRIP Railcar is expected to use loan proceeds to purchase railcars and related operating leases TRIP Rail Master Funding LLC. The loans are expected to constitute part of a refinancing of TRIP Rail Master’s currently outstanding debt.
Trinity is a Dallas-based provider of products and services to the industrial, energy, transportation and construction sectors.
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