SAN FRANCISCO -- (Business Wire)
CAI International, Inc. (NYSE: CAP) today announced, subject to market
and other conditions, a public offering of approximately $70 million of
shares of its common stock, of which approximately $50 million of shares
are being offered by the Company and $20 million of shares are being
offered by Development Bank of Japan Inc., Mr. Hiromitsu Ogawa, CAI
International’s founder and Chairman, and Mr. Masaaki (John) Nishibori,
a director and former Chief Executive Officer of CAI International. The
underwriters will be granted a 30-day option to purchase up to an
additional $10.5 million of shares of common stock from the Company and
certain of the selling stockholders to cover over-allotments, if any.
The Company intends to use the net proceeds from the offering for
working capital and other general corporate purposes, which may include
investments in equipment and other assets. The Company may also use the
net proceeds, or a portion thereof, to repay a portion of its senior
secured revolving credit facility. The Company will not receive any
proceeds from the sale of shares by the selling stockholders.
Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC and
Keefe, Bruyette & Woods, Inc. will act as joint book-running managers
for the offering.
A copy of the prospectus supplement and base prospectus relating to the
offering may be obtained by contacting: Credit Suisse Securities (USA)
LLC, Attention: Prospectus Department, One Madison Avenue, New York, New
York 10010, Telephone: (800) 221-1037, Email: email@example.com
or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department,
375 Park Avenue, New York, New York, 10152, (800) 326-5897 or email a
request to firstname.lastname@example.org
or Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787
Seventh Avenue, 4th Floor, New York, NY 10019, telephone (800) 966-1559.
The offering is being made pursuant to a shelf registration statement
that was declared effective on May 31, 2011 by the Securities and
Exchange Commission. This press release shall not constitute an offer to
sell or solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
About CAI International, Inc.
CAI International, Inc. is one of the world’s leading managers and
lessors of intermodal freight containers. As of September 30, 2012, the
Company operated a worldwide fleet of 1,061,000 TEUs of containers
through 16 offices located in 12 countries.
Timothy B. Page, 415-788-0100
Source: CAI International