Textainer Marine Containers VI Limited, an indirect, wholly-owned subsidiary of Textainer Group Holdings, closed a $300 million, seven-year fixed-rate term financing with a lender group comprised of a financial institution and an institutional investor.

The facility partially amortizes and the remaining principal is due in full in seven years. The weighted average life of the deal is approximately five years and is secured by a pledge of TMCL VI’s intermodal shipping container assets. The proceeds of the financing were used to pay down certain short-term debt.

“The financing is an innovative private ABS structure with one of our financing partners and a traditional ABS notes investor. The deal increases our ratio of fixed rate debt and frees up borrowing capacity in our short-term facilities which we intend to use for additional container investments,” commented Hilliard C. Terry, III, Textainer executive vice president and chief financial officer.