Textainer Group Holdings Limited TGH the
world's largest lessor of intermodal containers based on fleet size, today
announced that it acquired a 50.1% interest in TAP Funding Ltd., a Bermuda
company that owns an approximately 99,000 TEU (twenty-foot equivalent unit)
fleet of containers currently managed by Textainer for approximately $78
million, including the value of TAP Funding Ltd.'s existing debt that remains
outstanding. This fleet contains a well diversified mix of container types,
including standard dry freight, refrigerated and specialized dry freight
containers. Additionally, the fleet has high utilization and a diversified
lessee mix consistent with Textainer's overall container fleet. Textainer has
agreed with TAP Ltd., the other shareholder in TAP Funding Ltd., to continue
to invest in new containers for this fleet, in order to both grow the
portfolio and maintain the relatively young average age of the containers.
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