Daily News: July 31, 2012

Cronos Completes $1.215B Facility With ING, Others


Cronos Holding Company Ltd. announced that its indirect wholly owned subsidiary, CRX Intermodal Bermuda Ltd. (CIB), successfully completed the renewal of its $1.215 billion warehouse credit facility.

“We are pleased with the renewal of our warehouse facility,” commented Peter J. Younger, Cronos’ president and CEO. “Our warehouse facility now includes three new banks, increased commitment levels from existing banks and improved pricing.”

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’ CFO.

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.