Trinity Industries, Inc. reports that its subsidiary, Trinity Industries Leasing Company (TILC), has renewed its railcar leasing warehouse facility through February 2011. The facility was due to mature in August 2009.
Because of lower demand for railcars, the size of the warehouse facility commitment was reduced from $600 million to $475 million, the company said.
"We are pleased to announce this renewal well ahead of its maturity date," said William A. McWhirter, Trinity's Senior Vice President and Chief Financial Officer. "This facility has supported the growth of our internal lease fleet and will continue to provide TILC with the capital needed to sustain its growth. While the demand environment for railcars is weaker and our need for financing is reduced, it was important that we renew this facility to be able to offer attractive lease financing to our customers."