A direct, wholly owned subsidiary of Bermudian-based Textainer Group Holdings Limited, one of the world’s largest lessors of intermodal containers, has completed an amendment to renew and extend the term on its revolver facility, additionally increasing the aggregate commitment amount from $1.5 billion to $1.9 billion.

Textainer Limited’s facility has an extended five-year period with a maturity date through August 2027.

The benchmark interest rate has been additionally transitioned to secured overnight financing rate due to the upcoming London interbank offered rate discontinuation.

The applicable interest rate has therefore been amended to the daily SOFR, plus a spread of 1.475 per cent payable monthly in arrears.

Michael K Chan, Textainer executive vice-president and chief financial officer, said: “We are extremely pleased with the successful completion of this renewal and the overwhelming support from our banking partners, as evidenced by the $400 million increase in facility size and attractive pricing, which further serves as a testament to our strong performance and high-quality balance sheet.

“This increase in the revolver commitment provides additional flexibility and enhances Textainer’s already well-positioned capital structure.”