Delaware
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001-33388
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94-3109229
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(I. R. S. Employer
Identification No.)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
1.01.
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Entry into a Material Definitive Agreement.
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Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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Item 9.01.
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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10.1
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Commitment Increase, Amendment No. 5 and Joinder, dated June 16, 2017, by and among CAI International, Inc., Container Applications Limited, the guarantors named therein, Bank of America, N.A., as a lender and administrative agent of the lenders, the other lending institutions party thereto, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG Union Bank, N.A. and Wells Fargo Bank, N.A., as syndication agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG Union Bank, N.A. and Wells Fargo Securities, LLC, as joint lead arrangers and book managers, and Bank of Montreal (Chicago branch), JPMorgan Chase Bank, N.A. and Santander Bank N.A. as co-agents.
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Dated: June 22, 2017
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By:
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/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Chief Financial Officer
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Exhibit No.
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Description
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Commitment Increase, Amendment No. 5 and Joinder, dated June 16, 2017, by and among CAI International, Inc., Container Applications Limited, the guarantors named therein, Bank of America, N.A., as a lender and administrative agent of the lenders, the other lending institutions party thereto, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG Union Bank, N.A. and Wells Fargo Bank, N.A., as syndication agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG Union Bank, N.A. and Wells Fargo Securities, LLC, as joint lead arrangers and book managers, and Bank of Montreal (Chicago branch), JPMorgan Chase Bank, N.A. and Santander Bank N.A. as co-agents.
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(i) |
Execution and delivery of this Agreement by the Borrowers, Guarantors, those Lenders whose Commitments are increased hereby, those new Lenders who are joining the Credit Agreement, the Administrative Agent, the Swing Line Lender and the L/C Issuer.
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(ii) |
the Administrative Agent shall have received a certificate of the authorized officer of each Borrower and each Guarantor dated as of the Effective Date certifying as to (i) no amendments, modifications or supplements to the Governing Documents of any Borrower or Guarantor since the last delivery of such Governing Documents by such Loan Party to the Administrative Agent and that such Governing Documents are in full force and effect or attaching complete and certified copies of such Governing Documents including any amendments, modifications or supplements thereto (including certifications of such Governing Documents by the appropriate Governmental Authority of such Person’s jurisdiction of formation or organization), (ii) all corporate or other organizational actions taken by each of the Borrowers and Guarantors authorizing the execution, delivery, and performance of this Agreement and the other Agreement Documents and attaching copies of the board minutes and/or resolutions relating to such authorization, (iii) the names, titles, incumbency, and specimen signatures of the authorized officers of each of the Borrowers and the Guarantors authorized to sign this Agreement and the other Agreement Documents on behalf of such Person and (iv) in the case of each Borrower, certifying that, before and after giving effect to the increase contemplated by this Agreement, (A) the representations and warranties contained in §7 of the Credit Agreement and the other Loan Documents are true and correct on and as of the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that the representations and warranties contained in §7.4.2 shall be deemed to refer to the most recent statements furnished to the Lenders, (B) no Default or Event of Default exists, (C) the sum of the outstanding amount of the Revolving Credit Loans (after giving effect to all amounts requested on the Effective Date)
plus
the Maximum Drawing Amount and all Unpaid Reimbursement Obligations
plus
the outstanding amount of Swing Line Loans does not exceed the lesser of (i) the Total Commitment at such time and (ii) the Borrowing Base at such time and (D) the sum of the outstanding amount of the CAI Revolving Credit Loans (after giving effect to all amounts requested)
plus
the Maximum Drawing Amount and all Unpaid Reimbursement Obligations in respect of Letters of Credit issued for the account of CAI,
plus
the outstanding amount of Swing Line Loans made to CAI do not exceed the lesser of (A) the Total Commitment at such time and (B) the Domestic Borrowing Base at such time;
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(iii) |
the Administrative Agent shall have received an updated
Schedule 1
(Lenders and Commitments) to the Credit Agreement (attached hereto as
Schedule 1
);
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(iv) |
the Administrative Agent shall have made arrangements for a post-closing increase to the stamp duties paid in connection with the Barbados Security Documents as a result of the transactions contemplated by this Agreement;
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(v) |
There shall not have occurred (a) a Material Adverse Effect (as defined in the Credit Agreement) since December 31, 2016 or (b) a material adverse change in the facts and information regarding the Borrowers and Guarantors as represented to date.
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(vi) |
The absence of any event or occurrence of whatever nature (including any adverse determination in any litigation, arbitration or governmental investigation or proceeding) that could have a Material Adverse Effect.
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(iv) |
All fees to Lenders for increased and new Commitments shall have been paid in accordance with the Fee Letter of even date herewith, and all other fees and expenses associated with this Agreement and the transactions contemplated hereby shall have been paid in full
.
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CAI INTERNATIONAL, INC.
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By:
/s/
Timothy B. Page
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Name: Timothy B. Page
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Title: Chief Financial Officer
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CONTAINER APPLICATIONS LIMITED
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Chief Financial Officer
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Acknowledgement of Guarantors: | ||
CAI RAIL, INC.
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Chief Financial Officer
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CONTAINER APPLICATIONS INTERNATIONAL (U.K.) LIMITED
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Chief Financial Officer
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CONTAINER APPLICATIONS INTERNATIONAL, LTD.
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By:
/s/ Victor Garcia
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Name: Victor Garcia
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Title: Director
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CONTAINER APPLICATIONS (MALAYSIA) SDN BDH
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Director
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GENERAL TRANSPORTATION SERVICES, INC. | |
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Director
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CHALLENGER OVERSEAS, L.L.C.
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Authorized Representative of Sole Member and Manager, CAI International, Inc.
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CAI INTERMODAL LLC
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Authorized Representative of Sole Member and Manager, CAI International, Inc.
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SKY CONTAINER TRADING , INC.
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Director
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CAI CONSENT SWEDEN AB
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Specially Authorized Signatory
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CAI INTERNATIONAL GMBH
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By:
/s/ Victor Garcia
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Name: Victor Garcia
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Title: Director of Sole Shareholder, CAI Consent Sweden AB
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CAI LOGISTICS INC.
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Chief Financial Officer
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HYBRID LOGISTICS, INC.
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By:
/s/ Timothy B. Page
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Name: Timothy B. Page
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Title: Chief Financial Officer
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Lenders and Administrative Agent: | ||
BANK OF AMERICA, N.A.
, as
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Administrative Agent
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By:
/s/ Henry Pennell
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Name: Henry Pennell
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Title: Vice President
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BANK OF AMERICA, N.A.
, as increasing Lender,
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Swing Line Lender and L/C Issuer
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By:
/s/ Maile Douglas
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Name: Maile Douglas
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Title: SVP
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MUFG UNION BANK, N.A.
,
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as an Increasing Lender
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By:
/s/ Michael McCauley
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Name: Michael McCauley
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Title: Director
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WELLS FARGO BANK, N.A.
,
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as an Increasing Lender
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By:
/s/ Greg Williamson
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Name: Greg Williamson
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Title: Director
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ABN AMRO CAPITAL USA LLC
,
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as a New Lender
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By:
/s/ Ross Briggs
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Name: Ross Briggs
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Title: VP
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By:
/s/ R. Bisscheroux
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Name: R. Bisscheroux
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Title: VP
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COMPASS BANK
,
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as an Increasing Lender
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By:
/s/ Stephanie Cox
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Name: Stephanie Cox
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Title: Sr. Vice President
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LENDER;
DOMESTIC LENDING OFFICE;
EURODOLLAR LENDING OFFICE
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Revolver
Commitment
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Revolver
Commitment
Percentage
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BANK OF AMERICA, N.A.
555 California Street, 10th floor
San Francisco, CA 94104
Telephone: (415) 913-5765
Telecopier: [(804) 266-1129]
E-mail: maile.douglas@baml.com
Attn: Maile Douglas, Director
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140,555,556
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14.6%
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MUFG UNION BANK, N.A.
200 Pringle Avenue, Suite 500
Walnut Creek, CA 94596
Telephone: (925) 947-2429
Telecopier: (925) 943-7442
E-mail: Buddy.Montgomery@unionbank.com
Attn: Buddy Montgomery, Vice President
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122,222,222
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12.7%
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WELLS FARGO BANK, NATIONAL ASSOCIATION
301 S. Tryon Str. Bldg T, 7th Floor
MAC D1130-072
Charlotte, NC 28226
Telephone: (704) 410-2456
Telecopier: (704) 383-6036
E-mail: jerri.kallam@wellsfargo.com
Attn: Jerri Kallam, Director
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122,222,222
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12.7%
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ABN AMRO CAPITAL USA LLC
100 Park Avenue
New York, New York 10017
Telephone: (917) 284-6962; (917) 284-6921
Telecopier: (917) 284-6697
E-mail: tradefinance@abnamro.com
Attn: Lilia Engelsbel-Sporysheva
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75,000,000
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7.8%
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BANK OF MONTREAL (CHICAGO BRANCH)
115 South LaSalle - 12th Floor
Chicago, IL 60603
Telephone: (312) 461-7519
Telecopier: (312) 765-8353
E-mail: bob.bomben@harrisbank.com
Attn: Bob Bomben, Director
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70,000,000
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7.3%
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JPMORGAN CHASE BANK, N.A.
10 South Dearborn
ILI-010
Chicago, IL 60603
Telephone: (312) 732-1526
E-mail: andrew.stollfuss@jpmorgan.com
Attn: Andrew Stollfuss, Executive Director
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60,000,000
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6.3%
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LENDER;
DOMESTIC LENDING OFFICE;
EURODOLLAR LENDING OFFICE
|
Revolver
Commitment
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Revolver
Commitment
Percentage
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SANTANDER BANK
75 State Street
MA1-SST-04-12
Boston, MA 02109
Telephone: (617) 757-5799
E-mail: daniel.oconnor@santander.us
Attn: Daniel O’Connor, Managing Director
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50,000,000
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5.2%
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COMPASS BANK
2536 N. Main Street
Walnut Creek, CA 94597
Telephone: (925) 948-0929
Telecopier: (925) 948-0927
E-mail: mark.sunderland@bbvacompass.com
Attn: Mark Sunderland, Corporate Relationship Manager V
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70,000,000
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7.3%
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CRÉDIT INDUSTRIEL ET COMMERCIAL
520 Madison Avenue
37th Floor
New York, NY 10022
Telephone: (212) 715-4605
Telecopier: (212) 715-4535
E-mail: adrienne.molloy@cicny.com
Attn: Adrienne Molloy, Managing Director
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30,000,000
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3.1%
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DBS BANK LTD., LOS ANGELES AGENCY
725 South Figueroa Street Suite 2000
Los Angeles, CA 90017
Telephone: (213) 627-0222
Telecopier: (213) 627-0228
Attn: John Quick, Senior Relationship Manager
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30,000,000
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3.1%
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CALIFORNIA BANK & TRUST
401 West Whittier Boulevard
Suite 200
La Habra, CA 90631
Telephone: (650) 294-2025
Telecopier: (650) 294-2029
E-mail: Tom.Paton@calbt.com
Attn: Thomas C. Paton, Senior Vice President
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30,000,000
|
3.1%
|
HSBC BANK USA, N.A.
452 Fifth Ave.
New York, NY 10018
Telephone: (415) 288-7765
Telecopier: (415) 678-3054
E-mail: phong.t.nguyen@us.hsbc.com
Attn: Phong T. Nguyen, Vice President, Relationship Manager
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30,000,000
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3.1%
|
LENDER;
DOMESTIC LENDING OFFICE;
EURODOLLAR LENDING OFFICE
|
Revolver
Commitment
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Revolver
Commitment
Percentage
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SUNTRUST BANK
3333 Peachtree Road NE
8th Floor
Atlanta, GA 30326
Telephone: (404) 439-7395
Telecopier: (404) 439-7409
E-mail: robert.h.anderson@suntrust.com
Attn: Robert H. Anderson, Managing Director
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30,000,000
|
3.1%
|
CITY NATIONAL BANK, A NATIONAL BANKING ASSOCIATION
555 South Flower Street
24th Floor
Los Angeles, CA 90071
Telephone: (213) 673-9012
Telecopier: (213) 673-9801
E-mail: jeanine.smith@cnb.com
Attn: Jeanine Smith, Vice President
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25,000,000
|
2.6%
|
COMERICA BANK
Two Embarcadero Center
Suite 300
San Francisco, CA 94111
Telephone: (415) 477-3271
Telecopier: (415) 477-3270
E-mail: crbarkow@comerica.com
Attn: Carl R. Barkow, Vice President
|
25,000,000
|
2.6%
|
BRANCH BANKING AND TRUST COMPANY
200 W Second St. 16th Floor
Winston Salem, NC 27101
Telephone: (336) 733-2723
Telecopier: (336) 733-2740
E-mail: brjones@bbandt.com
Attn: Brian Jones, Vice President
|
20,000,000
|
2.1%
|
COLUMBIA STATE BANK
719 2nd Avenue
Suite 500
Seattle, WA 98104
Telephone: (206) 223-4547
Telecopier: (206) 223-4540
E-mail: kmeabon@columbiabank.com
Attn: Kevin Meabon, Vice President
|
20,000,000
|
2.1%
|
AMERICAN SAVINGS BANK, F.S.B.
1001 Bishop Street
25th Floor
Honolulu, HI 96813
Telephone: (808) 872-4925
Telecopier: (808) 536-1169
E-mail: rdubach@asbhawaii.com
Attn: Rian DuBach, Vice President
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10,000,000
|
1.0%
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TOTAL
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960,000,000
|
100%
|