Triton International Limited Enters into New $1 Billion Term Loan Facility
December 04 2018 - 06:00PM
Business Wire
Triton International Limited (NYSE:TRTN) announced today that
its wholly owned subsidiary, Triton Container International Limited
(“TCIL”), entered into a $1,000,000,000 term loan facility led by
PNC Capital Markets LLC, ING Belgium SA/NV and MUFG Bank, Ltd. as
Joint Lead Arrangers. The proceeds from the facility will be used
to refinance existing term loans and reduce borrowings on existing
revolving credit facilities and for general corporate purposes. The
facility has a maturity date of November 30, 2023. Pricing consists
of a margin over LIBOR that varies based on the rating of TCIL’s
senior secured debt. TCIL’s senior debt is currently rated BBB- by
Standard & Poor’s resulting in an initial margin of 1.50%.
“We are very pleased to have concluded this important
financing,” commented Brian M. Sondey, Chief Executive Officer of
Triton International Limited. “This term loan allows us to reduce
our interest expense, extend the duration of our debt and continues
to position us to take advantage of attractive investment
opportunities.”
About Triton International Limited
Triton International Limited is the world’s largest lessor of
intermodal freight containers. With a container fleet of over 6.0
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.
Important Cautionary Information Regarding Forward-Looking
Statements
Certain statements in this release, other than purely historical
information, 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, economic, business,
competitive, market and regulatory conditions and the following:
uncertainty as to the long-term value of Triton's common shares;
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 increased tariffs and other trade
actions; disruption to our operations from failures of, or attacks
on, our information technology systems; 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 on our businesses imposed by the terms of our
debt agreements; changes in tax laws in the United States and other
countries and other risks and uncertainties, including those risk
factors set forth in the section entitled "Risk Factors" to in our
Form 10-K filed with the Securities and Exchange Commission
("SEC"), on February 27, 2018, 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.
The foregoing list of important factors should not be construed
as exhaustive and should be read in conjunction with the other
cautionary statements that are included herein and elsewhere. Any
forward-looking statements made herein are qualified in their
entirety by these cautionary statements, and there can be no
assurance that the actual results or developments anticipated by us
will be realized or, even if substantially realized, that they will
have the expected consequences to, or effects on Triton or its
business or operations. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181204006139/en/
Triton International LimitedAndrew Greenberg, 914-697-2900Senior
Vice PresidentFinance & Investor Relations
Triton (NYSE:TRTN)
Historical Stock Chart
From Feb 2024 to Mar 2024
Triton (NYSE:TRTN)
Historical Stock Chart
From Mar 2023 to Mar 2024