Published on 1/11/2022 in the Prospect News Investment Grade Daily.
New Issue: Triton sells $600 million 3.25% 10-year notes at 155 bps spread
By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Jan. 11 – Triton International Ltd. subsidiaries Triton Container International Ltd. and TAL International Container Corp. priced $600 million of 3.25% senior notes due 2032 (/BBB-/BBB-) at 99.6 to yield 3.296%, or a spread of 155 basis points over Treasuries, on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes are guaranteed by the parent.
Price talk was in the Treasuries plus 180 bps to 185 bps area, a market source told Prospect News.
The notes feature a make-whole call at Treasuries plus 25 bps until three months prior to maturity and then a par call.
Citigroup Global Markets Inc., ING Financial Markets LLC, Wells Fargo Securities LLC, Fifth Third Securities Inc., MUFG and Truist Securities Inc. are the bookrunners.
Proceeds will be used to repay debt under the company’s revolving credit facility.
The lessor of intermodal freight containers has headquarters in Hamilton, Bermuda.
| Issuers: | Triton Container International Ltd. and TAL International Container Corp.
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| Guarantor: | Triton International Ltd.
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| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | March 15, 2032
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| Bookrunners: | Citigroup Global Markets Inc., ING Financial Markets LLC, Wells Fargo Securities LLC, Fifth Third Securities Inc., MUFG and Truist Securities Inc.
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| Co-managers: | B. Riley Securities, Inc., Keefe, Bruyette & Woods, Inc., Citizens Capital Markets, Inc., ICBC Standard Bank plc, Regions Securities LLC, SMBC Nikko Securities America, Inc., CJS Securities, Inc., Huntington Securities, Inc., M&T Securities, Inc. and Zions Direct, Inc.
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| Coupon: | 3.25%
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| Price: | 99.6
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| Yield: | 3.296%
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| Spread: | Treasuries plus 155 bps
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| Call: | Make-whole call at Treasuries plus 25 bps until Dec. 15, 2031, then par call
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| Pricing date: | Jan. 11
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| Settlement date: | Jan. 19
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| Ratings: | S&P: BBB-
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| Fitch: BBB-
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| Talk: | Treasuries 180 bps-185 bps area
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| Cusip: | 89681LAA0
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