CAI unit restates loan for lower interest rates, increased commitments

By Marisa Wong

Madison, Wis., Oct. 7 – Container Applications Ltd., a wholly owned subsidiary of CAI International, Inc., entered into an amended and restated term loan agreement on Oct. 1 to refinance its term loan agreement dated Dec. 20, 2010, according to an 8-K filing with the Securities and Exchange Commission.

The restated loan agreement reduces borrowing rates to Libor plus 160 basis points from Libor plus 225 bps, increases the outstanding loan commitment to $150 million from $115 million and extends the maturity date to Oct. 1, 2019.

The new loan agreement also revises some of the covenants and restrictions under the prior agreement to give Container Applications additional flexibility.

ING Bank NV is the administrative agent and physical bookrunner, and ING Bank, branch of ING-DIBA AG, is the mandated lead arranger.

CAI is a San Francisco-based intermodal marine cargo container leasing company.

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