TAL International Group, Inc. Announces Closing Of $250 Million Of “A” Rated Fixed Rate Secured Notes

TAL International Group, Inc. (NYSE: TAL), announced today that its indirect wholly owned subsidiary, TAL Advantage V LLC (“TAL Advantage V”), completed on February 27, 2013 its offering of $253,000,000 Series 2013-1 Fixed Rate Asset-Backed Notes, Class A (“Series 2013-1 Notes Class A”) and $18,750,000 Series 2013-1 Fixed Rate Asset-Backed Notes, Class B (“Series 2013-1 Notes Class B”). The Series 2013-1 Notes Class A, which are rated “A” by Standard & Poor’s, were issued with a coupon of 2.83% per annum and an annual yield of 2.85%. The Series 2013-1 Notes Class B, which are rated “BBB” by Standard & Poor’s, were issued with a coupon of 3.96% per annum and an annual yield of 4.00%. The Series 2013-1 Notes have a scheduled maturity date of February 20, 2023 and a legal final maturity date of February 22, 2038. The transaction documents contain customary affirmative and negative covenants, financial covenants, representations and warranties, and events of default, which are subject to various exceptions and qualifications

“We are very pleased with the excellent results from our latest offering of ABS notes,” commented Brian M. Sondey, 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 2013-1 Notes reflects investors’ confidence in TAL’s business model and strong management capabilities. TAL’s ability to quickly and efficiently raise large amounts of capital provides a major advantage as we seek to fully exploit the opportunities in our market."

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.

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