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BofA, SunTrust Lead Lenders in $550MM Facility to Cronos

June 14, 2013, 07:56 AM
Filed Under: Lender Finance

Cronos Holding Company announced its indirect wholly-owned subsidiary, CF Leasing, has entered into a $550 million five-year revolving credit agreement with a group of banks led by Bank of America, and SunTrust Bank, and including BNP Paribas (acting through its Cayman Branch), HSBC Bank USA National Association, Royal Bank of Canada, Union Bank, N.A., Wells Fargo Bank, National Association, Branch Banking & Trust Company, Nomura Corporate Funding Americas, LLC, California Bank & Trust, JPMorgan Chase Bank, N.A. and Umpqua Bank.

“We are very pleased with the establishment of our new facility, which represents an important component of our capital structure,” commented Peter J. Younger, Cronos’ president and CEO. “The successful syndication of this facility also underscores the debt market’s continued receptiveness to Cronos.”

The proceeds from the facility are expected to be used for container purchases and related activities. The facility also provides for an option to increase the commitment level by an additional $250 million through an accordion provision which may be exercised by CFL.

Cronos is one of the largest and most diversified container leasing companies in the world, based upon fleet size by cost-equivalent unit.

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