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Friday, 06/03/2016 8:51:21 AM

Friday, June 03, 2016 8:51:21 AM

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Citigroup, Merrill Lynch Lead $600 Million Revolver for GATX (6/02/16)

GATX Corporation entered into a Five Year Credit Agreement with Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arrangers and joint book managers, Bank of America, N.A., as syndication agent, PNC Bank, National Association, U.S. Bank, National Association and Bayerische Landesbank, acting through its New York branch, as co-documentation agents, Citibank, N.A., as administrative agent, and the lenders party thereto. The Credit Agreement replaced our prior $575 million revolving credit facility, which was terminated upon our entry into the new Credit Agreement.

The Credit Agreement provides us with $600 million in revolving credit availability for a term running through 5/26/21, with two one-year extensions that we may exercise upon approval of existing or replacement lenders holding at least fifty percent of the commitments to lend under the Credit Agreement. The term extensions only bind the lenders who vote to approve the extensions, but we have the option to add additional lenders if the facility is not fully subscribed for the extension terms. The interest rate applicable to borrowings under the Credit Agreement will vary based on prevailing market interest rates and our credit ratings and interest elections. The Credit Agreement also provides for letters of credit.

The Credit Agreement contains customary representations and warranties and affirmative and negative covenants, including a financial covenant related to our fixed charge coverage ratio. As is customary in such financings, the lenders may terminate their commitments, accelerate the repayment of amounts outstanding and exercise other remedies upon the occurrence of an event of default, subject to the expiration of any applicable cure period.

The administrative agent, co-syndication agents and certain other lenders under the Credit Agreement and their respective affiliates have performed or may in the future perform various commercial banking, lending, investment banking, financial advisory, trustee, hedging or other services for us and our affiliates, for which they have received or will receive fees and reimbursement of expenses.

http://www.sec.gov/Archives/edgar/data/40211/000004021116000096/gmt-201606028xkcreditagree.htm

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