General Finance Corporation Announces Partial Redemption of 8.125% Senior Notes Due 2021
General Finance Corporation (NASDAQ: GFN) announced plans to partially redeem its 8.125% Senior Notes due July 2021.
Sentiment and the balance of points
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Rhea-AI Summary
General Finance Corporation (NASDAQ: GFN) announced plans to partially redeem its 8.125% Senior Notes due July 2021. On December 23, 2020, the company will redeem $8.6 million of the Notes at $25 each, including accrued interest. The redemption will be funded using cash on hand. This strategic move reflects the company’s approach to managing its debt obligations effectively and enhances overall financial stability.
Positive
- Partial redemption of $8.6 million of Senior Notes enhances financial stability.
- Redemption funded with cash on hand indicates strong liquidity.
Negative
- None.
Details
News Market Reaction – GFN
The recorded move for GFN in the trading session of this news was -4.79%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PASADENA, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- General Finance Corporation (NASDAQ:GFN), a leading specialty rental services company offering portable storage, modular space and liquid containment solutions (the “Company”), announced today that it will partially redeem its outstanding
This press release does not constitute a notice of redemption. Beneficial holders of the Notes with any questions should contact the brokerage firm or financial institution through which they hold the Notes.
The Notes selected for redemption should be presented and surrendered by mail to the office of the paying agent, Wells Fargo Bank, N.A., MAC N9300-070, 600 South Fourth Street, Minneapolis, MN 55402, Attention: Corporate Trust Operations, Phone Inquiries: (800) 344-5128.
About General Finance Corporation
Headquartered in Pasadena, California, General Finance Corporation (NASDAQ: GFN, www.generalfinance.com) is a leading specialty rental services company offering portable storage, modular space and liquid containment solutions. Management’s expertise in these sectors drives disciplined growth strategies, operational guidance, effective capital allocation and capital markets support for the Company’s subsidiaries. The Company’s Asia-Pacific leasing operations in Australia and New Zealand consist of wholly-owned Royal Wolf (www.royalwolf.com.au), the leading provider of portable storage solutions in those regions. The Company’s North America leasing operations consist of wholly-owned subsidiaries Pac-Van, Inc.(www.pacvan.com) and Lone Star Tank Rental Inc. (www.lonestartank.com), providers of portable storage, office and liquid storage tank containers, mobile offices and modular buildings. The Company also owns Southern Frac, LLC (www.southernfrac.com), a manufacturer of portable liquid storage tank containers and, under the trade name Southern Fabrication Specialties (www.southernfabricationspecialties.com), other steel-related products in North America.
Investor Contact
Larry Clark
Financial Profiles, Inc.
lclark@finprofiles.com
310-622-8223
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