CF Leasing again amends loan to extend conversion date

By Jennifer Chiou

New York, Nov. 3 - CF Leasing Ltd. further amended its credit facility, extending the date under which advances convert to a 10-year term loan, this time to Nov. 8, according to an 8-K filing with the Securities and Exchange Commission.

On Oct. 4, the company announced and extension to Oct. 31 from Sept. 30.

The temporary extension of the conversion date gives the company and lead bank, Fortis Bank, time to negotiate further modifications to the facility, including an expansion of the aggregate commitment.

Currently, the loan commitment size is $300 million, available for the purchase of containers, and $272 million of that amount has been advanced, up from $268 million on Oct. 4.

The amendment was completed on Nov. 2.

CF Leasing is a joint venture between The Cronos Group and an affiliate of Fortis Bank that was established in 2002 to acquire and lease marine cargo containers to third parties.

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