Triton International Limited Announces Closing of $450.3 Million Fixed Rate Asset-Backed Notes
20 Março 2018 - 5:42PM
Business Wire
Triton International Limited (NYSE: TRTN) announced today
that its indirect wholly owned subsidiary, Triton Container Finance
VI LLC, completed its offering of $429,300,000 Fixed Rate
Asset-Backed Notes, Class A at an annual yield of 3.987% and
$21,000,000 Fixed Rate Asset-Backed Notes, Class B at an
annual yield of 4.837%.
“We are very pleased to have concluded another successful term
ABS note offering,” commented Brian M. Sondey, Chief Executive
Officer of Triton International Limited. “This offering was
Triton’s fourth term ABS issuance since our merger and provides
cost effective capital to support our continued market leading
investment. The offering also allows us to maintain the proportion
of our debt with fixed interest rates at approximately 85%,
protecting the company from rising interest rates.”
About the Asset-Backed Notes
The Series 2018-1 Notes Class A, which are rated “A”
by Standard & Poor’s, were issued with a coupon of 3.95%
per annum and an annual yield of 3.987%. The Series 2018-1
Notes Class B, which are rated “BBB” by Standard &
Poor’s, were issued with a coupon of 4.78% per annum and an annual
yield of 4.837%. The Series 2018-1 Notes have a scheduled
maturity date of March 20, 2028 and a legal final maturity date of
March 20, 2043. The transaction documents contain
customary affirmative and negative covenants, financial covenants,
representations and warranties, and events of default, which are
subject to various exceptions and qualifications.
The notes were offered within the United States only to
qualified institutional investors pursuant to Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”) and
to persons outside the United States in compliance with Regulation
S under the Securities Act. The notes have not been registered
under the Securities Act, or any state securities laws, and unless
so registered, may not be offered or sold in the United States
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
applicable state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offering would be unlawful.
About Triton International Limited
Triton International Limited is the world’s largest lessor of
intermodal freight containers. Triton operates a container fleet of
over five million twenty-foot equivalent units ("TEU"), and its
global operations include acquisition, leasing, re-leasing and
subsequent sale of multiple types of intermodal containers and
chassis.
Important Cautionary Information Regarding Forward-Looking
Statements
Certain statements in this release, other than purely historical
information, are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements that
include the words "expect," "intend," "plan," "believe," "project,"
"anticipate," "will," "may," "would" and similar statements of a
future or forward-looking nature may be used to identify
forward-looking statements. All forward-looking statements address
matters that involve risks and uncertainties, many of which are
beyond Triton's control. Accordingly, there are or will be
important factors that could cause actual results to differ
materially from those indicated in such statements and, therefore,
you should not place undue reliance on any such statements.
These factors include, without limitation, economic, business,
competitive, market and regulatory conditions and the following:
uncertainty as to the long-term value of Triton's common shares;
decreases in the demand for leased containers; decreases in market
leasing rates for containers; difficulties in re-leasing containers
after their initial fixed-term leases; our customers' decisions to
buy rather than lease containers; our dependence on a limited
number of customers for a substantial portion of our revenues;
customer defaults; decreases in the selling prices of used
containers; extensive competition in the container leasing
industry; difficulties stemming from the international nature of
our business; decreases in the demand for international trade;
disruption to our operations resulting from the political and
economic policies of the United States and other countries,
particularly China, including increased tariffs; disruption to our
operations from failures of or attacks on our information
technology systems; our compliance or failure to comply with laws
and regulations related to economic and trade sanctions, security,
anti-terrorism, environmental protection and corruption; our
ability to obtain sufficient capital to support our growth;
restrictions on our businesses imposed by the terms of our debt
agreements; changes in the tax laws in the United States and other
countries and other risks and uncertainties, including those risk
factors set forth in the section entitled "Risk Factors" to our
Form 10-K, filed with the SEC, on February 27, 2018.
The foregoing list of important factors should not be construed
as exhaustive and should be read in conjunction with the other
cautionary statements that are included herein and elsewhere. Any
forward-looking statements made herein are qualified in their
entirety by these cautionary statements, and there can be no
assurance that the actual results or developments anticipated by us
will be realized or, even if substantially realized, that they will
have the expected consequences to, or effects on Triton or its
business or operations. Except to the extent required by applicable
law, we undertake no obligation to update publicly or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180320006527/en/
Triton International LimitedAndrew Greenberg, 914-697-2900Senior
Vice PresidentFinance and Investor Relations
Triton (NYSE:TRTN)
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