Triton Container International entered into a $1 billion term loan facility led by PNC Capital Markets, ING Belgium and MUFG Bank 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. “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.”