Triton International Limited Announces Completion of $725 Million Offering of Fixed Rate Asset-Backed Notes
17 Março 2021 - 5:30PM
Business Wire
March 17, 2021 - Triton International Limited (NYSE: TRTN)
announced today that it has completed an offering of $690.1 million
Fixed Rate Asset-Backed Series 2021-1 Class A Notes at an annual
yield of 1.904% and $34.9 million Fixed Rate Asset-Backed Series
2021-1 Class B Notes at an annual yield of 2.604% (collectively,
the “Notes”).
“We are pleased to have closed another successful ABS offering,
which brings our total long-term financing proceeds raised to over
$3.5 billion since August 2020,” said Brian M. Sondey, Chairman and
Chief Executive Officer. “This offering provides us with an
attractive source of financing to support our strong capex program
for the year.”
The Notes were issued by Triton Container Finance VIII LLC (the
“Issuer”), a wholly-owned subsidiary of Triton International
Limited. The Notes are 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. The
net proceeds from the Notes offering will be used for general
corporate purposes, including to repay outstanding
indebtedness.
About the Notes
The Series 2021-1 Class A Notes, are rated “A” by S&P Global
Ratings and were issued with a coupon of 1.86% per annum and an
annual yield of 1.904%. The Series 2021-1 Class B Notes are rated
“BBB” by S&P Global Ratings and were issued with a coupon of
2.58% per annum and an annual yield of 2.604%. The Notes have a
legal final maturity date of March 2046. 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 buyers 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 and the
intended use of proceeds of the offering, 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 and suppliers; 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 demand for
international trade; disruption to our operations resulting from
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 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 16, 2021, 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/20210317005809/en/
Andrew Greenberg Senior Vice President Business Development
& Investor Relations (914) 697-2900
Triton (NYSE:TRTN)
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