Longtrain obtains $199.8 million term loan with three-day delayed draw

By Sara Rosenberg

New York, Dec. 27 - Longtrain Leasing I LLC, a wholly owned subsidiary of American Railcar Industries Inc., closed on a $199.8 million senior secured delayed-draw term loan, according to an 8-K filed with the Securities and Exchange Commission.

Fifth Third Bank and Key Equipment Finance Inc. acted as the co-arrangers on the deal.

The loan is available for borrowing in three draws.

Pricing on the loan is Libor plus 250 basis points.

Proceeds are available to fund the manufacturing of new railcars and to finance existing railcars.

The initial draw on the Dec. 20 closing date was about $98.4 million.

American Railcar is a St. Charles, Mo.-based designer and manufacturer of hopper and tank railcars.

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