General Finance Corporation Subsidiary Royal Wolf Closes A$91.5 Million Australian IPO
31 5월 2011 - 8:30PM
Business Wire
General Finance Corporation (NASDAQ: GFN), (NASDAQ: GFNCL) and
(NASDAQ: GFNCZ) (“General Finance”) today announced that the
initial public offering (the “Australian IPO”) of its subsidiary
Royal Wolf Holdings Limited (“Royal Wolf”) closed on May 30, 2011
in Australia. Royal Wolf raised gross proceeds of A$91.5 million
from the issue of 50 million new ordinary shares at a price of
A$1.83 per share. The shares are expected to begin trading on the
Australian Securities Exchange under the symbol “RWH” on or about
May 31, 2011 on a deferred settlement basis and on or about June 7,
2011 on a normal settlement basis. Based on the Australian IPO
offering price, Royal Wolf would have an estimated market
capitalization of approximately A$183.7 million. Credit Suisse
acted as the sole lead manager, underwriter and bookrunner for the
offering.
At the completion of the offering, General Finance and Royal
Wolf directors and management owned 50.2% of Royal Wolf, and the
public owned 49.8% of Royal Wolf.
General Finance and Royal Wolf will use the net proceeds of the
Australian IPO to, among other things, prepay in full Bison
Capital’s subordinated notes at Royal Wolf, repurchase Bison
Capital’s 13.8% ownership of the parent company of Royal Wolf,
reduce senior borrowings at Royal Wolf and Pac-Van and for general
working capital purposes. In conjunction with the Australian IPO,
the senior secured credit facility of Royal Wolf will be amended
to, among other things, extend its maturity to June 2014.
Ronald Valenta, General Finance’s President and Chief Executive
Officer, stated, “We are very pleased with the closing of the Royal
Wolf initial public offering, the work of the Royal Wolf team to
complete the offering and the addition of talented and experienced
independent directors to the Royal Wolf board. The offering
significantly recapitalizes Royal Wolf’s balance sheet and, along
with its increasing free cash flow and amended ANZ senior credit
facility, not only provides Royal Wolf with the foundation for its
future growth, but also provides us at the corporate level with
capital to satisfy the Bison Capital put option and assist Pac-Van
in complying with financial covenants under its senior credit
facility.”
The offering will not be available to persons who are in the
United States. No securities regulatory authority has either
approved or disapproved of the contents of this news release. The
securities to be offered have not been and will not be registered,
and may not be offered or sold, in the United States absent an
exemption from the registration requirements of the United States
Securities Act of 1933, as amended. A prospectus for the securities
will be made available in Australia when the securities are offered
and any permitted applicant under the terms of that prospectus will
need to complete the application form that will be in or will
accompany the prospectus. This press release is for information
purposes only and does not constitute an offer to sell or a
solicitation of an offer to buy ordinary shares of Royal Wolf.
About General Finance Corporation
General Finance Corporation (www.generalfinance.com), through
its indirect majority-owned subsidiary, Royal Wolf Holdings Limited
(www.royalwolf.com.au) and its indirect 100%-owned subsidiary
Pac-Van, Inc. (www.pacvan.com), sells and leases products in the
portable services industry to a broad cross-section of industrial,
commercial, educational and government customers throughout
Australia, New Zealand and the United States. These products
include storage containers and freight containers in the mobile
storage industry; and modular buildings, mobile offices and
portable container buildings in the modular space industry.
Cautionary Statement About Forward-Looking Statements
Statements in this news release that are not historical facts
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements include, but are not limited to, statements relating to
the initial public offering by Royal Wolf, statements addressing
management’s views with respect to future financial and operating
results, competitive pressures, market interest rates for our
variable rate indebtedness, our ability to raise capital or borrow
additional funds, changes in the Australian or New Zealand dollar
relative to the U.S. dollar, regulatory changes, customer defaults
or insolvencies, litigation, acquisition of businesses that do not
perform as we expect or that are difficult for us to integrate or
control, our ability to procure adequate levels of products to meet
customer demand, adverse resolution of any contract or other
disputes with customers, declines in demand for our products and
services from key industries such as the Australian mining industry
or the U.S. construction industry or a write-off of all or a part
of our goodwill and intangible assets. These involve risks and
uncertainties that could cause actual outcomes and results to
differ materially from those described in forward-looking
statements. We believe that the expectations represented by our
forward looking statements are reasonable, yet there can be no
assurance that such expectations will prove to be correct.
Furthermore, unless otherwise stated, the forward looking
statements contained in this press release are made as of the date
of the press release, and we do not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise unless required by applicable legislation or
regulation. The forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
Readers are cautioned that these forward-looking statements involve
certain risks and uncertainties, including those contained in
filings with the Securities and Exchange Commission.
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