GATX to sell notes to repay delayed-draw term loan due in December

Chicago, Sept. 6 – GATX Corp. is offering new fixed-rate senior notes, according to a 424B3 filing with the Securities and Exchange Commission.

There will be a make-whole call option until a number of months before the maturity date when the notes will become callable at par.

Any change-of-control repurchase event will make the notes putable at 101.

BofA Securities, Inc. and Citigroup Global Markets Inc. are leading the sale. BMO Capital Markets Corp., KeyBanc Capital Markets Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. join as joint bookrunners.

U.S. Bank Trust Co., NA will be the trustee.

Mayer Brown LLP is advising the issuer, and Winston & Strawn LLP is listed as counsel for the underwriters.

GATX will be using the proceeds to repay the $250 million drawn under a delayed-draw term loan from Dec. 14, 2020 maturing on Dec. 14, 2023, currently with a 6.29512% interest rate. Any remaining proceeds will be used for general corporate purposes.

The railcar leasing company is based in Chicago.

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