Cronos Branch In $550M Credit Arrangement

Bermuda-based Cronos Holding Company Ltd. announced this week that its indirect wholly-owned subsidiary, CF Leasing Ltd., has entered into a $550 million five-year revolving credit agreement with a group of banks led by Bank of America, N.A. 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.

Founded in 1978 and with offices in Hamilton, Cronos Holding Co Ltd. provides container leasing, design and sales services.

“We would like to thank all of our current banks for their continued support of this new facility, as well as all of our new banking relationships for their participation in this important transaction. 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.”

Mr. Younger added, “We would like to thank all of our current banks for their continued support of this new facility, as well as all of our new banking relationships for their participation in this important transaction.”

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.

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