Business
CAI International, Inc. Announces Participation in Virtual Non-Deal Roadshow Hosted by KBW and Posts Q3 2020 Update
SAN FRANCISCO--(BUSINESS WIRE)-- CAI International, Inc. (“CAI” or the “Company”) (NYSE: CAI), today announced that Timothy Page, Interim President and Chief
About this update from Caris Life Sciences, Inc.
[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nCAI International, Inc. (“CAI” or the “Company”) (NYSE: CAI), today announced that Timothy Page, Interim President and Chief Executive Officer and David Morris, Vice President Finance, Corporate Controller, will participate in a virtual non-deal roadshow hosted by Keefe, Bruyette, & Woods on Monday September 21, 2020. CAI also posted a Q3 2020 Update presentation in connection with the event. The presentation can be found in the “Investors” section of CAI’s website at www.capps.com\n\nThe presentation includes the following highlights:\n\n\nContainer market is experiencing historically strong customer demand.\n\n\nUtilization is currently 98.9% as compared to 97.8% at the end of Q2. Expect continuation in the upward trend.\n\n\nCAI has leased virtually all its new and used dry container inventory and forward new container purchase commitments.\n\n\nCAI expects the book value of its on-lease fleet to grow approximately 10% by year-end vs the level at the end of Q2 (based on Q3 lease-outs to date and the estimated delivery of forward customer lease commitments).\n\n\nThe average lease tenor of new leases is approximately 7.5 years.\n\n\nCAI entered into a $500 million, 5-year, float to fixed interest rate swap on July 7, 2020. The fixed rate is 29bps + the credit spread on CAI’s underlying revolving credit facility (currently 150bps) resulting in an overall fixed interest rate of 1.79%.\n\n\nCAI sold its logistics business on August 14, 2020.\n\n\nCAI completed a $742.7 million ABS financing on September 9, 2020:\n\n\n2.3% interest rate\n\n\n5-year weighted average life\n\n\n83% initial advance rate\n\n\n\n\nThe new ABS facility will be used to refinance $712.3 million of existing ABS debt which has an average interest rate of 4.06%.\n\n\nBeginning in Q4 2020, the first year annual cash interest expense savings from this ABS refinancing will be approximately $11 million.\n\n\nCAI’s average funding rate across all its credit facilities is now approximately 2.26%, with 78% of its funded debt fixed.\n\n\nPresentation\n\nA Q3 2020 Update presentation is available on the “Investors” section of our website, www.capps.com.\n\nAbout CAI International, Inc.\n\nCAI is one of the world’s leading transportation finance companies. As of June 30, 2020, CAI operated a worldwide fleet of approximately 1.7 millio...