Cronos Completes $1.215 Billion Warehouse Credit Facility Renewal

HAMILTON, Bermuda - Tuesday, July 31st 2012 [ME NewsWire]

(BUSINESS WIRE)-- Cronos Holding Company Ltd. (“Cronos”) announced today that its indirect wholly owned subsidiary, CRX Intermodal Bermuda Ltd. (“CIB”), successfully completed the renewal of its $1.215 billion Warehouse Credit Facility (the “Warehouse Facility”).
“We are pleased with the renewal of our Warehouse Facility,” commented Peter J. Younger, Cronos’ President and Chief Executive Officer. “Our Warehouse Facility now includes three new banks, increased commitment levels from existing banks and improved pricing.”
Mr. Younger added, “We would like to thank ING Bank N.V., Deutsche Bank AG, New York Branch, Wells Fargo Bank N.A., ABN AMRO Capital USA LLC, Credit Suisse AG, Cayman Islands Branch; SunTrust Bank; Key Equipment Finance, Inc.; and EverBank Commercial Finance, Inc. for their participation in our Warehouse Facility. We would also like to thank ING Bank N.V. for serving as the agent bank and ABN AMRO Capital USA LLC for serving as syndication agent.”
“Our renewed Warehouse Facility and ongoing asset-backed securitization program provides Cronos with capital to further improve our market share in the container leasing industry with one of the industry’s most diverse container fleets,” added Frank P. Vaughan, Cronos’ Chief Financial Officer.
About Cronos Holding Company Limited
Since 1978, The Cronos Group 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 the industry’s most advanced IT and operations platform.

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Contacts

Cronos Holding Company Ltd.
Michael Chan, 415-399-6146
Director – Treasury & Capital Markets
mkc@cronos.com