TRAC Intermodal Gears Up for Gulf Coast Resin Exports
TRAC Intermodal is expanding and improving the quality of its chassis fleet in the Gulf Region to meet an expected surge in U.S. resin exports. The TRAC Gulf Regional Pool (TGRP) now offers the largest and most modern fleet of chassis in the ports of Houston, Dallas, Mobile, New Orleans and El Paso as well as several other locations. TRAC has refurbished over 20 percent of its TGRP fleet to ensure that customers have access to the highest quality and most reliable chassis in the Gulf port complex. These refurbished chassis feature LED lights, OEM tires, new brake systems and new electrical wiring, and are painted TRAC Blue. “TRAC is systematically upgrading the quality and composition of our fleet in the Gulf.
TRAC Intermodal Mulls Sale or IPO
TRAC Intermodal LLC is exploring a sale or an initial public offering (IPO) after pulling a $485 million bond offering last week, reports WSJ quoting the chief executive Keith Lovetro. Princeton, N.J.-based TRAC, one of the largest leasing companies for trucking equipment, owns about 315,000 intermodal chassis —steel frames with wheels that hook up to truck tractors. TRAC enlisted Morgan Stanley to sell the debt, with $325 million earmarked for a dividend to private equity firm Fortress Investment Group LLC, which bought the company in 2007, earlier this month. However, investor demand was low, forcing TRAC to cancel the sale on March 22. Moody's Investors Service has withdrawn the Caa1 rating for TRAC Intermodal LLC's planned $485 million senior secured second lien notes.
