Triton International Limited Announces Pricing of $1.37 Billion Fixed Rate Asset Backed Notes
25 Agosto 2020 - 7:17PM
Business Wire
August 25, 2020 -- Triton International Limited (NYSE: TRTN)
announced today that it has priced an offering of $1,300,000,000
Fixed Rate Asset-Backed Series 2020-1 Class A Notes at an annual
yield of 2.123% and $65,800,000 Fixed Rate Asset-Backed Series
2020-1 Class B Notes at an annual yield of 3.773% (collectively,
the “Notes”).
The net proceeds from the Notes offering will be used to repay
at par all of the existing asset-backed notes issued by Triton
Container Finance VI LLC, which have an outstanding principal
balance of $1.2 billion and a weighted average coupon of 3.88%, and
for general corporate purposes. The transaction is expected to
close on or about September 21, 2020.
The Notes will be issued by Triton Container Finance VIII LLC, a
wholly-owned subsidiary of Triton Container International Limited
(the “Issuer”). The Notes will be secured by a pool of containers
and related assets owned by the Issuer. The Issuer will be the sole
obligor on the Notes; the Notes will not be obligations of or
guaranteed by Triton International Limited or any of its other
subsidiaries.
About the Notes
The Series 2020-1 Class A Notes, which are expected to be rated
“A” by Standard & Poor’s, will be issued with a coupon of 2.11%
per annum and an annual yield of 2.123%. The Series 2020-1 Class B
Notes, which are expected to be rated “BBB” by Standard &
Poor’s, will be issued with a coupon of 3.74% per annum and an
annual yield of 3.773%. The Series 2020-1 Notes will have a legal
final maturity date of September 20, 2045. 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”), to
institutional “accredited investors” as defined in Rule 501(a)(1),
(2), (3) or (7) under 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 six 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, including statements about the offering, the scheduled
closing of the offering, the intended use of proceeds of the
offering and the expected rating of the Notes, 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
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, those risk factors
included in the offering memorandum for the Notes, changes in the
financial markets, including changes in credit markets, interest
rates and securitization markets generally, economic, business,
competitive, market and regulatory conditions and the following:
the impact of COVID-19 on our business and financial results;
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 but not limited to the impact of
trade wars and tariffs; disruption to our operations from failures
of, or attacks on, our information technology systems; disruption
to our operations as a result of natural disasters; 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 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 Securities and Exchange Commission
("SEC"), on February 14, 2020, in any Form 10-Q filed or to be
filed by Triton, and in other documents we file with the SEC from
time to time. 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/20200825005930/en/
Andrew Greenberg Senior Vice President Business Development
& Investor Relations (914) 697-2900
Triton (NYSE:TRTN)
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