TRAC Intermodal draws $52 million from revolver to repurchase stock

By Tali Rackner

Norfolk, Va., Jan. 19 – TRAC Intermodal LLC borrowed $52 million under its revolving credit facility on Jan. 14, according to an 8-K filing with the Securities and Exchange Commission.

The borrowings are expected to be used to finance the repurchase and retirement of 62 shares, par value $0.01 per share, of the common stock of Interpool, Inc. at an aggregate purchase price of about $51 million.

Interest on the borrowings is equal to one-month Libor plus 200 basis points.

The debt matures on Dec. 10, 2020, which is the same as the facility’s maturity.

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

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