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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Sun, December 5, 5:34 AM

Slide #155. CAI International, Inc. Preferred Stock Offering

Company: CAI International, Inc. (NYSE:CAI)
Date announced: 3/21/2018
Shares Offered: 1,600,000
Date of Pricing: 3/22/2018
Price Per Share: $25.00
Preferred Stock Offering Details: CAI International, Inc. ("CAI" or the "Company") (NYSE:CAI) today announced that it intends to offer and sell shares of its newly created Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") in an underwritten public offering, subject to market and other conditions. In addition, CAI intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of Series A Preferred Stock offered in the public offering. -updated 3/22- CAI International, Inc. ("CAI" or the "Company") (NYSE:CAI) today announced the pricing of its underwritten public offering of 1,600,000 shares of its newly created 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") at a public offering price of $25.00 per share. Dividends on the Series A Preferred Stock will accrue from, and including, the date of original issuance to, but not including, April 15, 2023, at an annual rate of 8.50%, based on the $25.00 liquidation preference per annum. On and after April 15, 2023, dividends on the Series A Preferred Stock will accrue at an annual rate equal to the sum of (a) three-month LIBOR and (b) 5.82% of the $25.00 liquidation preference per share of Series A Preferred Stock. The underwriters have been granted a 30-day option to purchase up to an additional 240,000 shares of Series A Preferred Stock. The offering is expected to close on or about March 29, 2018, subject to customary closing conditions.

CAI International is a transportation finance company. Co. leases equipment, primarily intermodal shipping containers, to its customers. Co. also manages equipment for third-party investors. In operating its fleet, Co. leases, re-leases and disposes of equipment and contract for the repair, repositioning and storage of equipment. Co. operates in the worldwide intermodal freight container leasing industry. Intermodal freight containers, or containers, are larger, standardized steel boxes used to transport cargo by a number of means, including ship, truck and rail. Container shipping lines use containers as the primary means for packaging and transporting freight internationally.

Preferreds: CAI.PRA, CAI.PRB


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Name: 
CAI International Inc
Website: 
www.capps.com
Sector: 
Air Services Other
Number of ETFs Holding CAI: 
7 (see which ones)
Total Market Value Held by ETFs: 
$41,939,016
Total Market Capitalization: 
$971,000,000
% of Market Cap. Held by ETFs: 
4.32%
 

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