TAL International Group, Inc. Announces Closing Of $70 Million Of “A” Rated Fixed Rate Secured Notes Class A-1, $150 MILLION Of “A” Rated Fixed Rate Secured Notes Class A-2 And $18 Million Of “BBB” Rated Fixed Rate Secured Notes Class B
TAL International Group, Inc. (NYSE:TAL) announced today that its indirect wholly owned subsidiary, TAL Advantage V LLC (“TAL Advantage V”), completed on May 19, 2014 its offering of $70,000,000 Series 2014-2 Fixed Rate Asset-Backed Notes, Class A-1 (“Series 2014-2 Notes Class A-1”), $150,000,000 Series 2014-2 Fixed Rate Asset-Backed Notes, Class A-2 (“Series 2014-2 Notes Class A-2”) and $18,000,000 Series 2014-2 Fixed Rate Asset-Backed Notes, Class B (“Series 2014-2 Notes Class B”). The Series 2014-2 Notes Class A-1, which are rated “A” by Standard & Poor’s, were issued with a coupon of 1.70% per annum and an annual yield of 1.712%. The Series 2014-2 Notes Class A-2, which are rated “A” by Standard & Poor’s, were issued with a coupon of 3.33% per annum and an annual yield of 3.363%. The Series 2014-2 Notes Class B, which are rated “BBB” by Standard & Poor’s, were issued with a coupon of 3.97% per annum and an annual yield of 4.013%. The Series 2014-2 Notes Class A-1 have a scheduled maturity date of May 21, 2018, the Series 2014-2 Notes Class A-2 have a scheduled maturity date of May 20, 2022 and the Series 2014-2 Notes Class B have a scheduled maturity date of May 20, 2024. The Series 2014-2 Notes have a legal final maturity date of May 20, 2039. 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.
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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