By Lisa Kerner
Charlotte, N.C., Jan. 21 - TAL International Group, Inc.'s indirect wholly owned subsidiary TAL Advantage IV LLC completed its offering of $174 million series 2011-1 fixed-rate secured notes on Friday.
The notes, rated "A" by Standard & Poor's, were issued at par with an annual interest rate of 4.6%. They have a scheduled maturity date of Jan. 20, 2021 and a legal final maturity date of Jan. 20, 2026, according to a company news release.
Proceeds will be used to purchase containers and for other general business purposes.
"We are encouraged by the continued development of the term ABS market into a sizable and reliable funding source for TAL's container investments, and we are particularly pleased by the expanding investor base participating in our ABS transactions," TAL International president and chief executive officer Brian M. Sondey said in the release.
"We are also encouraged by the continued improvement in the financing cost spread versus the applicable interest rate swap."
TAL International is a lessor of intermodal freight containers based in Purchase, N.Y.
| Issuer: | TAL Advantage IV LLC
|
| Issue: | Series 2011-1 fixed-rate secured notes
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| Amount: | $174 million
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| Maturity: | Jan. 20, 2021
|
| Coupon: | 4.6%
|
| Rating: | Standard & Poor's: A
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