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ICON Capital Corp. raises equity with equipment-leasing investment program


ICON Capital Corp. recently closed its Income Fund Nine L.L.C. program for equipment leasing investors, raising $100 million in investor equity, which puts ICON on track to acquire $250 million of equipment.

"We began marketing Fund Nine in late 2001, so it has been completed in a very short time period and illustrates our continued success in attracting investment capital," said Beaufort Clarke, chairman and chief executive officer of ICON in a prepared statement. "The lackluster investment environment for stocks and bonds has generally prompted a resurgence of interest in hard asset alternatives, such as quality equipment leases."

ICON Fund Nine’s lease assets include 110 gondola-type rail cars to Trinity Rail Management through April 2010 and 324 gondola cars to Texas Genco Holdings Inc. through May 2007.

Combined with other ICON-sponsored programs, the company has raised more than $500 million of equity and acquired more than $1 billion of equipment.

Contact Progressive Railroading editorial staff.

More News from 5/15/2003