TRAC to start roadshow Monday for $325 million seven-year notes

By Paul A. Harris

Portland, Ore., July 27 - TRAC Intermodal LLC plans to start a roadshow on Monday for a $325 million offering of seven-year senior secured second-lien notes (expected ratings B3/B-), according to a market source.

Pricing is set to take place late in the July 30 week.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Deutsche Bank Securities Inc., DVB Bank SE, RBC Capital Markets and Wells Fargo Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes become callable in three years at par plus 75% of the coupon.

The intermodal chassis solutions provider plans to use the proceeds to repay bank debt, as well as to terminate existing interest rate swap agreements, to pay prepayment penalties and for general corporate purposes.

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