GATX Corp. on May 23 entered into a five-year $600 million revolving credit facility, which replaces its previous credit facility.

The current credit facility will terminate May 23, 2024, and it features two one-year extensions which need the approval of lenders holding at least 50% of the commitments. The term extensions will only be binding to lenders who gave their approval but GATX can add additional lenders if ever the credit facility is not fully subscribed.

Interest rate on the borrowings will vary based on prevailing market interest rates, the company's credit ratings and its choice of interest rates. The credit facility also provides for letters of credit.