General Finance Corporation Subsidiary Royal Wolf Launches A$91.5 Million Australian IPO

General Finance Corporation GFN GFNCL today announced that its subsidiary Royal Wolf Holdings Limited lodged a prospectus with the Australian Securities Investment Commission on May 13, 2011 for an initial public offering by Royal Wolf of its ordinary shares on the Australian Stock Exchange. General Finance will retain an indirect majority interest in Royal Wolf following the Australian IPO. Royal Wolf is offering 50 million ordinary shares at A$1.83 per share to raise anticipated gross proceeds of A$91.5 million. Based on the Australian IPO, Royal Wolf would have a market capitalization of approximately A$183.7 million. The net proceeds of the Australian IPO will be used to, among other things, prepay in full Bison Capital's subordinated notes at Royal Wolf, repurchase Bison Capital's 13.8% ownership of the parent company of Royal Wolf, reduce senior borrowings at Royal Wolf and Pac-Van and for general working capital purposes. In conjunction with the Australian IPO, the senior secured credit facility of Royal Wolf will be amended to, among other things, extend the maturity of the credit facility to June 2014.