Cronos Holding Company Ltd. ("Cronos") announced today that its indirect wholly owned subsidiary, Cronos Containers Program I Ltd. ("CP1"), successfully completed an offering of $250 million of Series 2012-1 Asset Backed Notes (the "Series 2012-1 Notes"). The Series 2012-1 Notes, which were rated "A" by Standard & Poor's, were issued with a fixed 4.21% coupon per annum and an effective annual yield of 4.25%. CP1 will use the net proceeds from the Series 2012-1 Notes for container purchases and related business purposes.
"Once again, we are very pleased with the institutional investor community's positive response to Cronos' issuance of asset backed notes," commented Peter J. Younger, Cronos' President and Chief Executive Officer. "We believe that the successful issuance of the Series 2012-1 Notes represents institutional investor recognition of Cronos' market share in the container leasing industry and the quality of its diverse container fleet."
Mr. Younger added, "We would like to thank Deutsche Bank Securities, Wells Fargo Securities, Credit Suisse, and co-managers ABN AMRO, DVB Capital Markets, and KeyBanc Capital Markets, and financial advisor ING Bank N.V. We would also like to thank the institutional investors who participated in this transaction, including those investing for the second time with Cronos."
The Series 2012-1 Notes were offered within the United States only to qualified institutional investors pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to persons outside the United States in compliance with Regulation S under the Securities Act. The Series 2012-1 Notes have not been registered under the Securities Act or any state securities law, and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.
About Cronos Holding Company Limited
Founded in 1978, the Cronos Group offers one of the world's largest and most diverse container fleets. Cronos specializes in container leasing, design, and sales, servicing the needs of more than 400 customers in a wide variety of industries. Cronos has an infrastructure of over 90 industry professionals, and a network of 19 offices in more than 17 countries, together with the industry's most advanced IT and operations platform.
Cronos Holding Company Ltd.
Michael Chan, 415-399-6146
Director – Treasury & Capital Markets