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Improving the mix and flexibility of sources of funding
InterBulk has announced a US$9.4million sale and lease back arrangement for a proportion of the Group's owned tankcontainer fleet. This arrangement is with TAL International Group Inc. who are one of the world's oldest and largest intermodal container leasing companies.
The Group will receive proceeds of US$9.4 million and will enter into a back to back arrangement to lease the equipment over a five year period based on a daily rental cost per unit.
The proceeds of the sale will be used to repay an element of the Group's bank term loans.
The transaction has allowed InterBulk to use its own asset base to repay early an element of its bank term debt. While this does not reduce overall net debt, it is a further step in improving the mix and flexibility in the Company’s sources of funding.