CAI International gets $300 million term loan via ING, Wells Fargo

By Sara Rosenberg

New York, Dec. 23 - CAI International Inc. closed on a new $300 million six-year term loan, according to a news release.

ING Bank and Wells Fargo acted as the lead arrangers and bookrunners on the deal.

The deal was oversubscribed and as a result was increased from the initially proposed amount, the release said.

There was $185 million funded under the loan as of closing, with a delayed-draw period on the unused commitment of up to nine months.

Pricing on the loan is Libor plus 300 basis points.

Amortization is 2% per quarter.

Proceeds were used to refinance debt under the company's existing revolving credit facility.

CAI is a San Francisco-based lessor of intermodal freight containers.

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