Triton Completes $725MM Offering of Fixed Rate Asset-Backed Notes
MAR 18, 2021 - 6:15 am
Triton International 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%.
“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,” Brian M. Sondey, chairman and CEO of Triton International, said. “This offering provides us with an attractive source of financing to support our strong capex program for the year.”
Triton Container Finance VIII (the issuer), a wholly-owned subsidiary of Triton International, issued the notes. 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 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.
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.
Triton International is a lessor of intermodal freight containers.
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