CAI International, Inc. Announces Public Offering of Series A Preferred Stock
March 21 2018 - 9:15AM
Business Wire
CAI International, Inc. (“CAI” or the “Company”) (NYSE:CAI)
today announced that it intends to offer and sell shares of its
newly created Series A Fixed-to-Floating Rate Cumulative Redeemable
Perpetual Preferred Stock (the “Series A Preferred Stock”) in an
underwritten public offering, subject to market and other
conditions. In addition, CAI intends to grant the underwriters a
30-day option to purchase up to an additional 15% of the shares of
Series A Preferred Stock offered in the public offering.
The Company intends to use the net proceeds from the offering
primarily to repay debt under one or more of its senior secured
revolving credit facilities and for general corporate purposes,
which may include share repurchases, investments in containers and
other assets or acquisitions.
B. Riley FBR, Inc., Janney Montgomery Scott LLC, Oppenheimer
& Co. Inc. and William Blair & Company, L.L.C. are acting
as joint book-running managers for the offering. BB&T Capital
Markets, a division of BB&T Securities, LLC, Boenning &
Scattergood, Inc., The Huntington Investment Company, Incapital
LLC, National Securities Corporation and Wedbush Securities Inc.
are acting as co-managers.
A shelf registration statement relating to the Series A
Preferred Stock to be issued in the proposed offering has been
filed with the Securities and Exchange Commission (the “SEC”) and
is effective. A preliminary prospectus supplement and accompanying
prospectus describing the terms of the offering has been filed with
the SEC. Copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the securities being offered
may also be obtained by contacting: B. Riley FBR, Inc., Attn:
Syndicate Prospectus Department, 1300 17th Street N., Suite 1400,
Arlington, Virginia 22209, Phone: (800) 846-5050, Email:
prospectuses@brileyfbr.com; Janney Montgomery Scott LLC, 1717 Arch
Street, Philadelphia, Pennsylvania 19103, Phone: (215) 665-6130,
Email: prospectus@janney.com; Oppenheimer & Co. Inc., Attn:
Syndicate Prospectus Department , 85 Broad Street, 26th Floor, New
York, New York 10004, Phone: (212) 667-5040, Email:
EquityProspectus@opco.com; and William Blair & Company, L.L.C.,
Attn: Aaron Stout, 150 North Riverside Plaza, Chicago, Illinois
60606, Phone: (312) 364-8095, Email: astout@williamblair.com.
You may also obtain these documents for free when they are
available by visiting the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About CAI International, Inc.
CAI is one of the world’s leading transportation finance and
logistics companies. As of December 31, 2017, CAI operated a
worldwide fleet of approximately 1.3 million CEUs of containers and
owned a fleet of 7,172 railcars that it leases within North
America. CAI operates through 23 offices located in 14 countries
including the United States.
Forward-Looking Statements
This press release contains forward-looking statements regarding
future events and the future performance of CAI, including, but not
limited to, CAI’s expectations regarding the proposed offering and
the use of proceeds therefrom. These statements and others herein
are forward-looking statements within the meaning of the safe
harbor provisions of Section 21E of the Securities Exchange Act of
1934, as amended, and involve risks and uncertainties that could
cause actual results of operations and other performance measures
to differ materially from current expectations. CAI refers you to
the documents that it has filed with the SEC, including its Annual
Report on Form 10-K for the year ended December 31, 2017, its
Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
These documents contain important factors that could cause actual
results to differ from current expectations and from
forward-looking statements contained in this press release.
Furthermore, CAI is under no obligation to (and expressly disclaims
any such obligation to) update or alter any of the forward-looking
statements contained in this press release whether as a result of
new information, future events or otherwise, unless required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180321005636/en/
CAI International, Inc.Timothy B. Page, 415-788-0100Chief
Financial Officertpage@capps.com
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