Intermodal container lessor Textainer announced the closing of an amendment to extend the term and lower the interest rate on a $300 million revolving credit facility used to finance seasoned income producing intermodal shipping containers.

Textainer Marine Containers IV Limited (“TMCL IV”), an indirect wholly-owned subsidiary of the Company, extended and amended the facility with Royal Bank of Canada, SunTrust Bank, ABN AMRO Capital USA and PNC Bank.

The interest rate on the TMCL IV facility was lowered to 1.95% over LIBOR during an initial three-year revolving period. Previously the facility was at 2.25% over LIBOR with a two-year revolving period.

If the TMCL IV facility is not refinanced or renewed following this three-year period, the interest rate increases to 2.95% over LIBOR and the facility is structured to partially amortize over the next two years and then mature. The Company also lowered the facility’s unused fee and improved other terms.

TMCL IV will continue to use the proceeds of the facility to acquire and fund intermodal shipping containers that are at least five years old from Textainer’s other container owning subsidiaries.

“We are pleased to complete the refinancing of this credit facility at very favorable rates and improved terms,” commented Hilliard C. Terry, III, Textainer’s EVP and CFO. “This facility give us more capacity to finance older income producing containers and provides additional flexibility to our capital structure. We appreciate the support of our existing and new banking partners in this endeavor.”