TAL International Group, Inc. (NYSE: TAL), announced today that its indirect wholly owned subsidiary, TAL Advantage IV LLC ("TAL Advantage IV"), completed its offering of $235,000,000 Series 2011-2 Fixed Rate Secured Notes ("Series 2010-2 Notes") on May 13, 2011. The Series 2011-2 Notes, which were rated “A” by Standard & Poor’s, were issued at par with an annual interest rate of 4.31%, have a scheduled maturity date of May 20, 2021 and a final legal maturity date of May 20, 2026. TAL Advantage IV will use the net proceeds of the offering to purchase containers and for other general business purposes.
"The Series 2011-2 Notes represents our fourth term ABS issuance since June 2010 and brings our total issuance volume over the period to $809 million," commented Brian M. Sondey, President and Chief Executive Officer of TAL International. “We are very pleased with the continuing expansion of the investor base and the ongoing improvement in pricing. The growth of the ABS market has resulted in a reliable and increasingly efficient source of long-term funding for our container purchases.”
The notes were offered within the United States only to qualified institutional investors pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to persons outside the United States in compliance with Regulation S under the Securities Act. The notes have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
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