Triton Enhances Capital Structure with Series of Recently Completed Equity Transactions
20 Março 2019 - 6:28PM
Business Wire
Last week Triton International Limited (“Triton” or the
“Company”) (NYSE:TRTN) completed an initial preferred equity
offering of 8.50% Series A Cumulative Redeemable Perpetual
Preference Shares, raising gross proceeds of $86 million including
the underwriter’s over-allotment option which was closed today.
Subsequent to the preferred offering, Triton used a portion of the
proceeds to purchase 1.5 million of the 7.1 million common shares
of Triton sold by funds affiliated with Warburg Pincus LLC in a
secondary offering. Warburg Pincus initially acquired the shares in
2011, and following the closing of the secondary offering no longer
owns any of Triton’s common shares.
“We are very pleased to complete our inaugural issuance of
perpetual preferred shares,” commented Brian M. Sondey, Chief
Executive Officer of Triton International Limited. “We believe
the perpetual preferred shares provides an attractive combination
of risk protection and cost and is a valuable addition to our
capital structure. We elected to pursue a fixed-for-life structure
for the preferred shares as we believe this new form of permanent
capital aligns well with our long-lived asset profile, and enables
us to mitigate our long-term exposure to rising interest
rates.”
“We were also pleased to have an opportunity to quickly utilize
a portion of the preferred equity proceeds to repurchase 1.5
million common shares previously held by Warburg Pincus. We have
been actively repurchasing shares under our share repurchase plan
authorized in August 2018, and including these shares, we have
purchased almost four million shares, reducing our common shares
outstanding by just under 5%. We believe share repurchases
currently represent a compelling investment for the Company and a
valuable use of our strong cash flow.”
Mr. Sondey concluded, “I would also like to thank Warburg Pincus
for their strong support of Triton over the last eight years. They
have been strategic partners for Triton which is greatly
appreciated.”
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 ("TEU"), Triton’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: https://www.businesswire.com/news/home/20190320005816/en/
Triton International LimitedAndrew Greenberg, 914-697-2900Senior
Vice PresidentFinance & Investor Relations
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