CAI International, Inc. Announces Pricing of Public Offering of Series A Preferred Stock

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.

The Company intends to use the net proceeds from the offering primarily to repay debt under one or more of its senior secured revolving credit facilities and for general corporate purposes, which may include share repurchases, investments in containers and other assets or acquisitions.

B. Riley FBR, Inc., Janney Montgomery Scott LLC, Oppenheimer & Co. Inc. and William Blair & Company, L.L.C. are acting as joint book-running managers for the offering. BB&T Capital Markets, a division of BB&T Securities, LLC, Boenning & Scattergood, Inc., The Huntington Investment Company, Incapital LLC, National Securities Corporation and Wedbush Securities Inc. are acting as co-managers.

A shelf registration statement relating to the Series A Preferred Stock to be issued in the proposed offering has been filed with the Securities and Exchange Commission (the “SEC”) and is effective. A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering has been filed with the SEC and a final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, by contacting: B. Riley FBR, Inc., Attn: Syndicate Prospectus Department, 1300 17th Street N., Suite 1400, Arlington, Virginia 22209, Phone: [phone], Email: [e-mail]; Janney Montgomery Scott LLC, 1717 Arch Street, Philadelphia, Pennsylvania 19103, Phone: [phone], Email: [e-mail]; Oppenheimer & Co. Inc., Attn: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, Phone: [phone], Email: [e-mail]; and William Blair & Company, L.L.C., Attn: Aaron Stout, 150 North Riverside Plaza, Chicago, Illinois 60606, Phone: [phone], Email: [e-mail].