Triton Announces Redemption of $649 Million of Institutional Senior Secured Notes
29 Julho 2021 - 5:30PM
Business Wire
(July 29, 2021) — Triton International Limited (NYSE: TRTN)
today announced that its subsidiaries, Triton Container
International Limited (“TCIL”) and TAL International Container
Corporation (“TALICC”), have given notice of their intention to
redeem approximately $649 million in aggregate principal amount of
their outstanding institutional senior secured notes (collectively,
the “Notes”). The Notes will be redeemed on August 30, 2021
(“Redemption Date”) in accordance with the optional redemption
provisions in the agreements governing the Notes.
The Notes to be redeemed are the following:
TCIL Notes
- $38,300,000 principal amount of 6.60% Senior Secured Notes,
Series 2010-A-2 due April 30, 2022 (CUSIP No. 89675*AP2)
- $11,700,000 principal amount of 6.65% Senior Secured Notes,
Series 2010-A-4 due April 30, 2022 (CUSIP No. 89675*AR8)
- $86,400,000 principal amount of 5.15% Senior Secured Notes,
Series 2011-A-2 due June 30, 2023 (CUSIP No. G8967#AJ2)
- $5,000,000 principal amount of 4.28% Senior Secured Notes,
Series 2011-B-1 due September 30, 2021 (CUSIP No. G8967#AK9)
- $87,000,000 principal amount of 4.98% Senior Secured Notes,
Series 2011-B-2 due September 30, 2023 (CUSIP No. G8967#AL7)
- $15,714,285 principal amount of 4.28% Senior Secured Notes,
Series 2012-A-1 due October 31, 2022 (CUSIP No. G8967#AM5)
- $176,000,000 principal amount of 4.89% Senior Secured Notes,
Series 2012-A-2 due October 31, 2024 (CUSIP No. G8967#AN3)
- $17,142,857 principal amount of 3.71% Senior Secured Notes,
Series 2014-A-1 due June 30, 2024 (CUSIP No. G8967#AP8)
- $55,000,000 principal amount of 4.26% Senior Secured Notes,
Series 2014-A-2 due June 30, 2026 (CUSIP No. G8967#AQ6)
- $4,560,000 principal amount of 3.23% Senior Secured Notes,
Series 2015-A-1 due March 31, 2022 (CUSIP No. G8967#AR4)
- $6,514,286 principal amount of 3.61% Senior Secured Notes,
Series 2015-A-2 due March 31, 2025 (CUSIP No. G8967#AS2)
- $53,800,000 principal amount of 3.91% Senior Secured Notes,
Series 2015-A-3 due March 31, 2027 (CUSIP No. G8967#AT0)
TALICC Notes
- $91,800,000 principal amount of 5.41% Senior Secured Notes, due
April 30, 2024 (CUSIP No. 87408# AB7)
The total redemption price of the Notes includes the
approximately $649 million of aggregate principal amount, together
with an estimated make-whole premium of approximately $44 million,
to be finalized either one business day prior to the Redemption
Date in the case of TCIL or two business days prior to the
redemption date in the case of TALICC. 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 4.93%, 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, Triton will have no
remaining institutional notes outstanding.
“The completion of the prepayment of our institutional notes is
a major step in 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 further financing cost and flexibility benefits and
add to our already substantial market advantages.”
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 or
TALICC.
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; the achievement of
our capital structure plans and related timing; 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. With a container fleet of 6.9
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/20210729006162/en/
Andrew Greenberg Senior Vice President Business Development
& Investor Relations (914) 697-2900
Triton (NYSE:TRTN)
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