Triton International Announces Pricing of Public Offering of Series A Preference Shares
12 Março 2019 - 7:07PM
Business Wire
Triton International Limited (NYSE:TRTN) (the “Company” or
“Triton”) today announced the pricing of an underwritten offering
of 3.0 million 8.50% Series A Cumulative Redeemable Perpetual
Preference Shares with a liquidation preference of $25.00 per share
(the “Series A Preference Shares”) for gross proceeds of $75.0
million. Triton also granted the underwriters a 30-day option to
purchase up to an additional 450,000 Series A Preference
Shares.
The Company intends to use the net proceeds from the offering
for general corporate purposes, including the purchase of
containers, the repurchase of outstanding common shares, payment of
dividends and the repayment or repurchase of outstanding
indebtedness. In the short-term, the Company intends to repay
borrowings under one of the Company’s revolving credit facilities.
The offering is expected to close on March 15, 2019, subject to
customary closing conditions.
Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Morgan Stanley & Co. LLC and RBC Capital
Markets, LLC are acting as joint book-running managers for the
offering. The offering is made pursuant to an effective shelf
registration statement, previously filed with the Securities and
Exchange Commission (the “SEC”). The offering is being made only by
means of a prospectus supplement and a related prospectus, copies
of which may be obtained on the SEC’s website at www.sec.gov or by
contacting:
Wells Fargo Securities, LLCAttn: WFS Customer Service608 2nd
Avenue SouthMinneapolis, MN 55402(800)
645-3751wfscustomerservice@wellsfargo.com
Merrill Lynch, Pierce, Fenner &
SmithIncorporatedAttn: Prospectus Department200 North College
StreetNC1-004-03-43Charlotte, NC 28255(800)
294-1322dg.prospectus_requests@baml.com
Morgan Stanley & Co. LLCAttn: Prospectus Department1585
Broadway, 29th FloorNew York, NY 10036(866) 718-1649prospectus@morganstanley.com
RBC Capital Markets, LLCAttn: Transaction Management200 Vesey
Street, 8th FloorNew York, NY 10281(866)
375-6829rbcnyfixedincomeprospectus@rbccm.com
This press release shall not constitute an offer to sell or the
solicitation of any offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
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
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:
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; customers’ decisions to buy
rather than lease containers; dependence on a limited number of
customers for a substantial portion of 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 its business; decreases
in the demand for international trade; disruption to its operations
resulting from the political and economic policies of the United
States and other countries, particularly China, including but not
limited to the impact of trade wars and tariffs; disruption to its
operations from failures of, or attacks on, its information
technology systems; disruption to its operations as a result of
natural disasters; compliance or failure to comply with laws and
regulations related to economic and trade sanctions, security,
anti-terrorism, environmental protection and corruption; ability to
obtain sufficient capital to support our growth; restrictions
imposed by the terms of our debt agreements; changes in tax laws in
Bermuda, the United States and other countries and other risks and
uncertainties, including those risk factors set forth in the
section entitled “Risk Factors” in our Form 10-K filed with the SEC
on February 19, 2019 and our preliminary prospectus supplement and
accompanying prospectus related to the public offering filed with
the SEC on March 12, 2019.
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
businesses 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.
About Triton International Limited
Triton International Limited is the world’s largest lessor of
intermodal freight containers. With a container fleet of 6.2
million twenty-foot equivalent units, Triton’s global operations
include acquisition, leasing, re-leasing and subsequent sale of
multiple types of intermodal containers and chassis.
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Andrew GreenbergSenior Vice PresidentFinance & Investor
Relations914-697-2900
Triton (NYSE:TRTN)
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