CAI International, Inc. Announces New $300 Million Term Loan Facility

CAI International, Inc. CAP today reported that it has entered into a new $300 million, 6 year term loan agreement with a syndicate of banks. The new term loan facility has an initial $185 million funding as of the closing date, with a delayed drawdown period on the unused commitment of up to 9 months from closing date. The interest rate on the facility is floating, based on Libor + 3.00% and amortizes 2% per quarter based on the initial commitment amount. Strong demand from banks led to an oversubscription of the mandated facility amount and an increase in the final facility size.