Textainer Group Holdings Limited (NYSE:TGH) announced the issuance of $450 million in Fixed Rate Asset Backed Notes through its subsidiary, Textainer Marine Containers VII Limited. This issuance includes $381 million in Class A Notes rated A(sf) and $69 million in Class B Notes rated BBB(sf) by S&P. Proceeds will primarily reduce secured debt and enhance the company's financial flexibility. Michael K. Chan commented on the strong investor interest and the benefits of lower interest rates and increased borrowing capacity for container investments.
Textainer Group Holdings Limited (NYSE: TGH) reported its second-quarter financial results for 2020, showcasing resilience amid a global economic downturn. Lease rental income was $144.8 million, slightly down from Q1 2020. Net income attributable to common shareholders was $16.0 million, or $0.30 per diluted share, a significant recovery from a loss in Q1. Adjusted net income improved to $14.8 million. Average fleet utilization saw a minor decline to 95.4%, with container investments totaling approximately $190 million. The company remains optimistic about increased demand as trade activity rebounds.
Textainer Group Holdings Limited (NYSE:TGH) will release its second quarter 2020 financial results on August 13, 2020, after regular market hours. A conference call to discuss these results is scheduled for 5:00 p.m. Eastern Time on the same day. Textainer is a leading lessor of intermodal containers with a fleet of approximately 3.5 million TEU, servicing around 250 customers, including major shipping lines. The company has been operational since 1979 and also trades in used containers.