CHICAGO--(BUSINESS WIRE)--Apr. 26, 2013--
GATX Corporation (NYSE:GMT) announced that it has called for redemption
all outstanding shares of its $2.50 Cumulative Convertible Preferred
Stock (the “Series A Preferred”) and its $2.50 Cumulative Convertible
Preferred Stock, Series B (the “Series B Preferred” and, together with
the Series A Preferred, the “Preferred Stock”).
The redemption date will be June 10, 2013. The redemption price per
share of Preferred Stock is $63.00, plus accumulated and unpaid
distributions to, but excluding, the redemption date in an amount equal
to $0.06 per share, for a total payment of $63.06 per share. There are
currently 15,467 shares of Preferred Stock outstanding.
On the redemption date, distributions will cease to accumulate on the
Preferred Stock, the shares will no longer be deemed outstanding, and
the holders of Preferred Stock will have no further rights with respect
thereto except for the right to receive payment of the redemption price,
without interest, upon book entry transfer or surrender of their shares.
Holders of Preferred Stock have the right, upon surrender of their
Preferred Stock before the close of business, New York City time, on
June 9, 2013, to convert any or all of their Preferred Stock into shares
of GATX Corporation Common Stock, at a conversion rate of five shares of
Common Stock for each share of Preferred Stock. Cash will be paid in
lieu of issuing any fractional shares. After the close of business, New
York City time, on June 9, 2013, the right to convert permanently
expires, and all Preferred Stock not so converted will be redeemed at
the redemption price on the redemption date.
The Notice of Redemption will be mailed to record holders of the
Preferred Stock on or about April 29, 2013. Computershare Trust Company,
N.A. will act as the redemption agent. Questions related to the Notice
of Redemption should be directed to Computershare Trust Company, N.A. at
(800) 546-5141.
COMPANY DESCRIPTION
GATX Corporation (NYSE:GMT) strives to be recognized as the finest
railcar leasing company in the world by its customers, its shareholders,
its employees and the communities where it operates. Controlling one of
the largest railcar fleets in the world, GATX has been providing quality
railcars and services to its customers for 115 years. GATX has been
headquartered in Chicago, Illinois since its founding in 1898 and has
traded on the New York Stock Exchange since 1916. For more information,
visit the Company’s website at www.gatx.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this document may constitute 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, and are subject to the safe harbor provisions of those
sections and the Private Securities Litigation Reform Act of 1995. These
statements refer to information that is not purely historical, such as
estimates, projections and statements relating to our business plans,
objectives and expected operating results, and the assumptions on which
those statements are based. Some of these statements may be identified
by words like “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“plan,” “predict,” “project” or other similar words. Investors are
cautioned that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, including those
described in GATX’s Annual Report on Form 10-K/A for the year ended
December 31, 2012 and other filings with the SEC, and that actual
results or events may differ materially from the forward-looking
statements.
Specific factors that might cause actual results to differ from
expectations include, but are not limited to, (1) general economic,
market, regulatory and political conditions affecting the rail, marine
and other industries served by GATX and its customers; (2) competitive
factors in GATX’s primary markets, including lease pricing and asset
availability; (3) lease rates, utilization levels and operating costs in
GATX’s primary operating segments; (4) conditions in the capital markets
or changes in GATX’s credit ratings and financing costs; (5) risks
related to GATX’s international operations and expansion into new
geographic markets; (6) risks related to compliance with,
or changes to, laws, rules and regulations applicable to GATX and its
rail, marine and other assets; (7) operational disruption and increased
costs associated with compliance maintenance programs and other
maintenance initiatives; (8) operational and financial risks associated
with long-term railcar purchase commitments; (9) changes in loss
provision levels within GATX’s portfolio; (10) conditions affecting
certain assets, customers or regions where GATX has a large investment;
(11) impaired asset charges that may result from changing market
conditions or portfolio management decisions implemented by GATX; (12)
opportunities for remarketing income; (13) labor relations with unions
representing GATX employees; and (14) the outcome of pending or
threatened litigation.
Given these risks and uncertainties, readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect
management’s analysis, judgment, belief or expectation only as of the
date hereof. GATX has based these forward-looking statements on
information currently available and disclaims any intention or
obligation to update or revise these forward-looking statements to
reflect subsequent events or circumstances.
Investor, corporate, financial, historical financial, photographic
and news release information may be found at www.gatx.com.
Source: GATX Corporation
GATX Corporation
Irma Dominguez
Investor Relations Coordinator
312-621-8799
ir@gatx.com