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CF Leasing amends loan, extending conversion date
By Sara Rosenberg
New York, Oct. 4 - CF Leasing Ltd. amended its credit facility, extending the date under which advances convert to a 10-year term loan to Oct. 31 from Sept. 30, according to an 8-K filed with the Securities and Exchange Commission.
This temporary extension of the conversion date gives the company and lead bank, Fortis Bank, time to negotiate further modifications to the facility, including an expansion of the aggregate commitment.
Currently, the loan commitment size is $300 million, available for the purchase of containers, and $268 million of that amount has been advanced.
The amendment was completed on Sept. 29.
CF Leasing is a joint venture between The Cronos Group and an affiliate of Fortis Bank that was established in 2002 to acquire and lease marine cargo containers to third parties.
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