Triton International Completes $502.9MM Offering of Fixed Asset-Backed Notes
FEB 5, 2021 - 6:37 am
Triton International completed an offering of $479.1 million fixed rate asset-backed series 2021-1 Class A notes at an annual yield of 1.658% and $23.8 million fixed rate asset-backed series 2021-1 Class B notes at an annual yield of 2.558%.
“We are pleased to have concluded another successful ABS offering. The offering experienced very strong demand, enabling us to take advantage of historically low interest rates,” Brian Sondey, chairman and CEO of Triton International, said. “This transaction supports our ongoing container investment and market leading supply capabilities as we continue to play a key role in helping our customers keep global supply chains functioning during this critical time.”
The notes were issued by TIF Funding II (the issuer), a wholly-owned subsidiary of Triton International. 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 1.65% per annum and an annual yield of 1.658%. The series 2021-1 Class B notes are rated “BBB” by S&P Global Ratings and were issued with a coupon of 2.54% per annum and an annual yield of 2.558%. The series 2021-1 notes have a legal final maturity date of Feb. 20, 2046.
Triton International is a lessor of intermodal freight containers.
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