Additional financing secured at an attractive
fixed rate to fund continued growth of leased fleet
LAKE
OSWEGO, Ore., Aug. 3, 2022
/PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE: GBX)
("Greenbrier"), a leading international supplier of equipment and
services to global freight transportation markets, today announced
that its Greenbrier Leasing subsidiary has entered a new
$150 million term loan to finance the
continued growth of its leasing fleet. The new loan is
non-recourse to Greenbrier, matures in July
2027 and has terms similar to Greenbrier Leasing's term loan
completed in August 2021. Half of the loan amount was drawn
at closing and the remaining balance is expected to be utilized in
the next six months.
Lorie Tekorius, Chief Executive
Officer & President said, "Liquidity in the current economic
environment aligns with our leasing strategy and supports
Greenbrier's broader goal to grow the services business. I
would like to thank our banking group for their ongoing support of
Greenbrier through this transaction. Importantly, interest
rates on Greenbrier's long-term debt are fixed at attractive
levels, with no material debt maturities until 2026. Strong
liquidity, combined with our new railcar backlog valued at
$3.6 billion as of May 31, 2022, and continued high lease fleet
utilization, positions Greenbrier well to navigate current
macroeconomic conditions."
About Greenbrier
Greenbrier, headquartered in Lake
Oswego, Oregon, is a leading international supplier of
equipment and services to global freight transportation markets.
Through its wholly-owned subsidiaries and joint ventures,
Greenbrier designs, builds and markets freight railcars and marine
barges in North America,
Europe and Brazil. We are a leading provider of freight
railcar wheel services, parts, maintenance and retrofitting
services in North America through
our rail services business unit. Greenbrier manages 421,000
railcars and offers railcar management, regulatory compliance
services and leasing services to railroads and other railcars
owners in North America. GBX
Leasing (GBXL) is a special purpose subsidiary that owns and
manages a portfolio of leased railcars that originate primarily
from Greenbrier's manufacturing operations. GBXL and Greenbrier own
a lease fleet of 11,800 railcars. Learn more about Greenbrier
at www.gbrx.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: This press release may contain
forward-looking statements, including any statements that are not
purely statements of historical fact. Greenbrier uses words, and
variations of words, such as "continue," "expect," "goal," "grow,"
"insulate," "navigate," "will," and similar expressions to identify
forward-looking statements. These forward-looking statements
include, without limitation, statements about backlog, leasing
performance, financing, future liquidity, and other information
regarding future performance and strategies. These
forward-looking statements are not guarantees of future performance
and are subject to certain risks and uncertainties that could cause
actual results to differ materially from the results contemplated
by the forward-looking statements. Factors that might cause such a
difference include, but are not limited to, the following: the
COVID-19 pandemic, variants thereof, governmental reaction thereto,
and related economic disruptions (including, among other factors,
operations and supply disruptions and labor shortages) inflation
(including rising energy prices, interest rates, wages and other
escalators) and policy reactions thereto (including actions by
central banks); and war in Ukraine
and related events. Our backlog of railcar units are not
necessarily indicative of future results of operations. Certain
orders in backlog are subject to customary documentation which may
not occur. More information on potential factors that could cause
our results to differ from our forward-looking statements is
included in the Company's filings with the SEC, including in the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of the
Company's most recently filed periodic report on Form 10-K and
subsequent reports on 10-Q. Except as otherwise required by law,
the Company assumes no obligation to update any forward-looking
statements or information, which speak as of their respective
dates. Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's opinions
only as of the date hereof.
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SOURCE The Greenbrier Companies, Inc.