CAI Int'l (CAP) Announces $70M Common Offering; $20M by Dev. Bank of Japan

CAI International (NYSE: CAP) announced, subject to market and other conditions, a public offering of approximately $70 million of shares of its common stock, of which approximately $50 million of shares are being offered by the Company and $20 million of shares are being offered by Development Bank of Japan Inc., Mr. Hiromitsu Ogawa, CAI International’s founder and Chairman, and Mr. Masaaki (John) Nishibori, a director and former Chief Executive Officer of CAI International. The underwriters will be granted a 30-day option to purchase up to an additional $10.5 million of shares of common stock from the Company and certain of the selling stockholders to cover over-allotments, if any.

The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include investments in equipment and other assets. The Company may also use the net proceeds, or a portion thereof, to repay a portion of its senior secured revolving credit facility. The Company will not receive any proceeds from the sale of shares by the selling stockholders.

Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC and Keefe, Bruyette & Woods, Inc. will act as joint book-running managers for the offering.

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