TRAC Intermodal draws $176 million from revolver to redeem 11% notes

By Wendy Van Sickle

Columbus, Ohio, Aug. 18 – TRAC Intermodal LLC borrowed $176 million on Monday under its revolving credit facility dated Aug. 9, 2012, according to an 8-K filed with the Securities and Exchange Commission.

The borrowings were used to finance the previously announced redemption of the company’s $150 million of outstanding 11% senior notes due 2019 at a price of 108.25 plus accrued interest.

The revolver has interest of Libor plus 225 basis points and matures on Aug. 9, 2017.

JPMorgan Chase Bank, NA is the facility’s administrative agent.

TRAC is a Princeton, N.J.-based provider of marine and domestic chassis.

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