Ontario Teachers’ Pension Plan completes acquisition of SeaCube Container Leasing Ltd.

TORONTO – Ontario Teachers' Pension Plan (Teachers') today announced it has completed the acquisition of SeaCube Container Leasing Ltd. (SeaCube) following approval of the transaction by shareholders of SeaCube at a special general meeting held on April 23, 2013.

Shareholders will receive US$23.00 per share in cash, for a total equity value of US$469.5 million and an enterprise value (including assumed debt) of US$1.8 billion.

SeaCube is based in Park Ridge, New Jersey, and has seven offices worldwide. It acquires, owns, manages and leases containers that are essential intermodal equipment used in global containerized cargo trade. Equipment is primarily leased under long-term contracts to the world's largest shipping lines.

This transaction was led by Teachers' Long-Term Equities group, which focuses on direct investments with steady cash flow, growth potential over a long-term horizon and a low to moderate level of risk. Teachers' plans to operate SeaCube as a standalone business operation with the current management team remaining in place.

About Teachers'

With $129.5 billion in net assets as of December 31, 2012, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada.  An independent organization, it invests the pension fund's assets and administers the pensions of 303,000 active and retired teachers in Ontario. For more information, visit www.otpp.com.  Follow us on Twitter: @OtppInfo

About SeaCube

SeaCube is one of the world's largest container leasing companies based on total assets. The principal activities of SeaCube's business include the acquisition, leasing, re-leasing and subsequent sale of refrigerated and dry containers and generator sets. SeaCube leases containers primarily under long-term contracts to a diverse group of the world's leading shipping lines. For more information regarding SeaCube please visit www.seacubecontainers.com.

For more information:           

Teachers':

Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
+1 416-730-5347
deborah_allan@otpp.com

SeaCube:

David Doorley
Treasurer & Vice President of Investor Relations
SeaCube Container Leasing Ltd.
+1 201-391-0800
ddoorley@seacubecontainers.com