Cronos Announces the Issuance of $300 Million of “A” Rated Series 2012-2 Asset Backed Notes

HAMILTON, Bermuda--(BUSINESS WIRE)-- Cronos Holding Company Limited (“Cronos”) announced today that its indirect wholly owned subsidiary, Cronos Containers Program I Ltd. (“CP1”), successfully completed an offering of $300 million of Series 2012-2 Asset Backed Notes (the “Series 2012-2 Notes”). The Series 2012-2 Notes, which were rated “A” by Standard & Poor’s, were issued with a fixed 3.81% coupon per annum and an effective annual yield of 3.85%. CP1 will use the net proceeds from the Series 2012-2 Notes for container purchases and related business purposes.

“With an over 3x subscription level, we are pleased with the investor response to our latest asset backed note financing,” commented Peter J. Younger, Cronos’ President and Chief Executive Officer. “We would like to thank all of our returning investors, as well as our twenty new investors, for their participation in this transaction. We would also like to thank Wells Fargo Securities, Credit Suisse and Deutsche Bank Securities; co-managers ABN AMRO, KeyBanc Capital Markets and SunTrust Robinson Humphrey, and financial advisors ING Bank N.V. and Everbank Commercial Finance for their roles in this transaction.”

The Series 2012-2 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 2012-2 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 Ltd.

Cronos is one of the largest container leasing companies in world, based upon fleet size by cost-equivalent unit. Since 1978, Cronos has specialized in container leasing, design, and sales, servicing the needs of more than 450 customers in a wide variety of industries. With its infrastructure of over 90 industry professionals, and a network of 19 offices in 17 countries, Cronos offers one of the world’s largest and most diversified container fleets together with one of the industry’s most advanced IT and operations platform.

Michael Chan, 415-399-6146
Director – Treasury & Capital Markets

Source: Cronos