Triton International Limited Subsidiary Successfully Completes Consent Solicitation from Fixed Rate Asset-Backed Note Holders
23 Março 2017 - 6:46PM
Business Wire
Triton International Limited (NYSE:TRTN) (“Triton”) today
announced that its subsidiary, TAL Advantage V LLC (the “Issuer”),
a special purpose entity for term ABS financing, has successfully
completed its previously announced solicitation of consents (the
“Consent Solicitation”) with respect to the following series of
fixed rate asset-backed notes (the “Notes”).
Title of Security
CUSIP
Number
Fixed Rate Asset-Backed Notes, Series 2013-1, Class A
87407PAA8 Fixed Rate Asset-Backed Notes, Series
2013-2, Class A 87407PAE0 Fixed Rate
Asset-Backed Notes, Series 2014-1, Class A
87407PAJ9 Fixed Rate Asset-Backed Notes, Series 2014-2,
Class A-1 87407PAN0 Fixed Rate
Asset-Backed Notes, Series 2014-2, Class A-2
87407PAP5 Fixed Rate Asset-Backed Notes, Series 2014-3,
Class A 87407PAR1
The Consent Solicitation related to proposed amendments to the
indenture and supplemental indentures governing the Notes and the
related transition agent agreement, management agreement and
inter-creditor agreements as well as to an assignment of the
management agreement (collectively, the “Proposed Amendments”).
On July 12, 2016, Triton Container International Limited
(“TCIL”), a container leasing company, and TAL International Group,
Inc. (“TALIGI”), the ultimate parent of the Issuer, consummated
their strategic combination and became wholly-owned subsidiaries of
Triton International Limited. The Proposed Amendments are being
entered into in connection with an internal corporate
reorganization which would replace TAL International Container
Corporation (“TALICC”) with TCIL as the manager of the Issuer’s
container assets. In addition, the Proposed Amendments will amend
the applicable “manager defaults” and “back-up manager events” to
be calculated in relation to TCIL rather than TALIGI and to more
closely conform the related financial tests and related definitions
to similar financial tests and definitions in the agreements
governing outstanding secured indebtedness of TCIL.
The Consent Solicitation was made in accordance with the terms
and subject to the conditions set forth in a Consent Solicitation
Statement, dated March 15, 2017, and in a related Consent Form. The
Consent Solicitation expired at 5:00 p.m., New York City time, on
March 23, 2017 (the “Expiration Time”).
Holders of Notes who validly delivered consents to the Proposed
Amendments will receive a consent fee equal to $1.25 per $1,000
amortized principal amount of Notes for which consents have been
validly delivered prior to the Expiration Time (and not validly
revoked). The Issuer Company expects that payment of the consent
fee will be made to the tabulation agent on March 24, 2017.
The Issuer expects the Proposed Amendments to become effective
shortly and, upon their effectiveness, the Proposed Amendments will
be operative and binding upon all holders of Notes, whether or not
such holders have delivered consents.
RBC Capital Markets, LLC served as the solicitation agent for
the consent solicitation Global Bondholder Services Corporation
acted as tabulation agent for the consent solicitation.
About Triton International
Limited
Triton International Limited is the parent of Triton Container
International Limited and TAL International Group, Inc., each of
which merged under Triton on July 12, 2016 to create the world’s
largest lessor of intermodal freight containers and chassis. With a
container fleet of nearly five million twenty-foot equivalent units
("TEU"), the Triton group’s global operations include acquisition,
leasing, re-leasing and subsequent sale of multiple types of
intermodal containers and chassis.
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version on businesswire.com: http://www.businesswire.com/news/home/20170323006295/en/
Triton International LimitedAndrew Greenberg,
914-697-2900Senior Vice PresidentFinance & Investor
Relations
Triton (NYSE:TRTN)
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