CAI Int'l (CAP) to Acquire $86M of Container Assets from Dritte Fund
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CAI International, Inc. (CAI) (NYSE: CAP), has reached conditional agreement with the Supervisory Board and Trustee of the fund Dritte Schroeder Container Beteiligungsgesellschaft mbH & CO. KG and its affiliate (“Dritte Fund”) to acquire for approximately $86 million the container assets owned by the Dritte Fund and currently under management by CAI.
The portfolio has approximately 71,000 TEU of standard dry van containers with an average age of approximately 8 years. The transaction is subject to (i) financing, (ii) approval by the shareholders of the Dritte Fund and (iii) negotiation and execution of definitive transaction documents. If all of the conditions are satisfied, the transaction is targeted to close in September 2012.
CAI currently has sufficient availability under its $475 million revolving credit facility that could be utilized to fund the acquisition of the container assets.
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The portfolio has approximately 71,000 TEU of standard dry van containers with an average age of approximately 8 years. The transaction is subject to (i) financing, (ii) approval by the shareholders of the Dritte Fund and (iii) negotiation and execution of definitive transaction documents. If all of the conditions are satisfied, the transaction is targeted to close in September 2012.
CAI currently has sufficient availability under its $475 million revolving credit facility that could be utilized to fund the acquisition of the container assets.
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