Triton Announces Redemption of $821 Million of Institutional Senior Secured Notes
02 Junho 2021 - 7:33PM
Business Wire
(June 2, 2021) Triton International Limited (NYSE: TRTN) today
announced that its subsidiary, Triton Container International
Limited (“TCIL”), has given notice of its intention to redeem
approximately $821 million in aggregate principal amount of its
outstanding institutional senior secured notes (the “Notes”). The
Notes will be redeemed on June 28, 2021 (“Redemption Date”) in
accordance with the optional redemption provisions in the agreement
governing the Notes. TCIL intends to use borrowings under its term
loan facility to fund the redemption.
The Notes to be redeemed are the following:
- $91,428,570 principal amount of 3.71% Senior Secured Notes,
Series 2014-A-1, due June 30, 2024 (CUSIP No. G8967# AP8);
- $220,000,000 principal amount of 4.26% Senior Secured Notes,
Series 2014-A-2, due June 30, 2026 (CUSIP No. G8967# AQ6);
- $18,240,000 principal amount of 3.23% Senior Secured Notes,
Series 2015-A-1, due March 31, 2022 (CUSIP No. G8967# AR4);
- $26,057,143 principal amount of 3.61% Senior Secured Notes,
Series 2015-A-2, due March 31, 2025 (CUSIP No. G8967# AS2);
- $215,200,000 principal amount of 3.91% Senior Secured Notes,
Series 2015-A-3, due March 31, 2027 (CUSIP No. G8967# ATO);
- $105,000,000 principal amount of 4.35% Senior Secured Notes,
Series 2017-A-1, due June 30, 2027 (CUSIP No. G8967# AU7); and
- $145,000,000 principal amount of 4.64% Senior Secured Notes,
Series 2017-A-2, due June 30, 2029 (CUSIP No. G8967# AV5).
The total redemption price of the Notes includes the
approximately $821 million of aggregate principal amount, together
with an estimated make-whole premium of approximately $90 million,
to be finalized one business day prior to the Redemption Date in
accordance with the agreement governing the Notes. The redemption
price will also include accrued and unpaid interest to, but
excluding, the Redemption Date.
The Notes being redeemed have a weighted average effective
interest rate of 4.14%, which is significantly above Triton’s
current debt funding costs. Triton expects to recover the vast
majority of the make-whole premium for the Notes through lower
financing costs. Following the redemption, TCIL will have
approximately $560 million of remaining institutional notes
outstanding, with an average effective interest rate of 4.85%.
“The prepayment of these Notes, together with our recent
issuances of senior secured investment grade bonds with fall-away
collateral provisions, are key components of our strategy to
transition a large portion of our debt capital structure to
unsecured investment grade bonds,” said John Burns, Chief Financial
Officer. We believe this transition will provide us with access to
a deeper pool of debt capital at tighter spreads, further
differentiating Triton from our peers.”
This news release is for informational purposes only and does
not constitute a notice of redemption, nor an offer to tender for,
or purchase, any Notes or any other securities of TCIL.
Important Cautionary Information Regarding Forward-Looking
Statements
Certain statements in this release, other than purely historical
information, including statements about the timing and total
redemption prices for the Notes and the Company’s capital strategy,
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, the impact of
COVID-19 on the Company’s business and financial results; decreases
in the demand for leased containers; decreases in market leasing
rates for containers; difficulties in releasing containers after
their initial fixed-term leases; customers’ decisions to buy rather
than lease containers; 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
the Company’s businesses; decreases in demand for international
trade; disruption to the Company’s 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, duties and tariffs; disruption to the
Company’s operations from failure of, or attacks on, the Company’s
information technology systems; disruption to the Company’s
operations as a result of natural disasters; compliance with laws
and regulations related to economic and trade sanctions, security,
anti-terrorism, environmental protection and corruption; ability to
obtain sufficient capital to support growth; restrictions imposed
by the terms of the Company’s debt agreements; changes in the 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 16, 2021. Any forward-looking statements made
herein are qualified in their entirety by these cautionary
statements. 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. Triton operates a container fleet of
over six million twenty-foot equivalent units, and its global
operations include acquisition, leasing, releasing 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/20210602006096/en/
Andrew Greenberg Senior Vice President Business Development
& Investor Relations (914) 697-2900
Triton (NYSE:TRTN)
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