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 November 7, 2013 its offering of $250,000,000
TAL International Group, Inc. (NYSE: TAL), announced today that its indirect wholly owned subsidiary, TAL Advantage V LLC (“TAL Advantage V”), completed on November 7, 2013 its offering of $250,000,000 Series 2013-2 Fixed Rate Asset-Backed Notes, Class A (“Series 2013-2 Notes Class A”) and $18,700,000 Series 2013-2 Fixed Rate Asset-Backed Notes, Class B (“Series 2013-2 Notes Class B”). The Series 2013-2 Notes Class A, which are rated “A” by Standard & Poor’s, were issued with a coupon of 3.55% per annum and an annual yield of 3.586%. The Series 2013-2 Notes Class B, which are rated “BBB” by Standard & Poor’s, were issued with a coupon of 4.625% per annum and an annual yield of 4.75%. The Series 2013-2 Notes have a scheduled maturity date of November 20, 2023 and a legal final maturity date of November 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 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. About TAL International Group, Inc. TAL is one of the world’s largest lessors of intermodal freight containers and chassis with 17 offices in 11 countries and approximately 230 third-party container depot facilities in 40 countries as of September 30, 2013. The Company’s global operations include the acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis. TAL’s fleet consists of approximately 1,258,000 containers and related equipment representing approximately 2,064,000 twenty-foot equivalent units (TEU) as of September 30, 2013. This places TAL among the world’s largest independent lessors of intermodal containers and chassis as measured by fleet size.