Textainer Group Holdings Limited (“Textainer”), one of the world’s largest lessors of intermodal containers, announced that on December 31, 2019 the company’s wholly-owned subsidiary, Textainer Limited, completed the purchase of Leased Assets Pool Company Limited (“LAPCO”). Textainer previously announced entering an agreement on December 2, 2019 for the purchase of LAPCO for an equity value of approximately $66 million in cash (constituting assets of $192 million less outstanding debt of $126 million). The Company repaid LAPCO’s existing debt at the closing by refinancing this debt in Textainer Limited’s revolving credit facility.
LAPCO owns a fleet of approximately 163,000 TEU (twenty-foot equivalent units) of intermodal containers managed by Textainer and approximately 3,000 TEU of containers managed by other container lessors. LAPCO was an indirect subsidiary of Trencor Limited, which owns approximately 5% of Textainer’s common shares. The percentage of Textainer’s owned fleet increased to 85.4% from 80.8% upon the closing.
