Textainer to acquire Leased Assets Pool and repay its debt

By Angela McDaniels

Tacoma, Wash., Dec. 2 – Textainer Group Holdings Ltd. plans to repay Leased Assets Pool Co. Ltd.'s existing debt and refinance the Lapco intermodal containers that are managed by Textainer in one or more of the company's existing revolving credit facilities, according to a company news release.

Textainer Ltd., a subsidiary of Textainer Group, agreed to purchase Lapco for an equity value of about $66 million in cash, constituting $192 million of assets less $126 million of outstanding debt.

The transaction is expected to close by year’s end.

Textainer is based in Hamilton, Bermuda, and leases containers to about 250 customers. Lapco owns a fleet of intermodal containers managed by Textainer and others. It is an indirect subsidiary of Cape Town, South Africa-based Trencor Ltd., which owns about 48% of Textainer's common shares.

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