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 $250,000,000 Series 2012-1 Fixed Rate Secured Notes ("Series 2012-1 Notes") on May 22, 2012. The Series 2012-1 Notes, which were rated "A" by Standard & Poor's, were issued with a coupon of 3.86% per annum and an effective annual yield of 3.90%, have a scheduled maturity date of May 20, 2022 and a final legal maturity date of May 20, 2027. TAL Advantage IV will use the net proceeds of the offering to purchase containers and for other general business purposes.
"We are very pleased with the excellent results from our latest offering of ABS notes," commented Brian M. Sondey, Chairman, President and Chief Executive Officer of TAL International. "The ABS market continues to be highly receptive to TAL. We have raised over $1 billion in the ABS market over the last two years, and I think the attractive pricing on the Series 2012-1 Notes reflects investors’ confidence in TAL’s business model and strong management capabilities. TAL’s ability to quickly raise large amounts of capital efficiently provides a major advantage as we seek to fully exploit the strong fundamentals and attractive growth opportunities we continue to see in our market place.”
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.