Triton International unit will redeem $821 million in senior notes

Chicago, June 2 – Triton International Ltd. wholly owned subsidiary Triton Container International Ltd. will redeem approximately $821 million principal amount of its outstanding institutional senior secured notes, according to a press release.

The notes will be redeemed on June 28, based on the optional redemption provisions in the agreement governing the notes.

The company will use borrowings under its term loan facility to fund the redemption.

Triton will redeem the following notes:

• $91,428,570 principal amount of 3.71% senior secured notes, series 2014-A-1, due June 30, 2024 (Cusip: G8967AP8);

• $220 million principal amount of 4.26% senior secured notes, series 2014-A-2, due June 30, 2026 (Cusip: G8967AQ6);

• $18.24 million principal amount of 3.23% senior secured notes, series 2015-A-1, due March 31, 2022 (Cusip: G8967AR4);

• $26,057,143 principal amount of 3.61% senior secured notes, series 2015-A-2, due March 31, 2025 (Cusip: G8967AS2);

• $215,200,000 principal amount of 3.91% senior secured notes, series 2015-A-3, due March 31, 2027 (Cusip: G8967ATO);

• $105,000,000 principal amount of 4.35% senior secured notes, series 2017-A-1, due June 30, 2027 (Cusip: G8967AU7); and

• $145,000,000 principal amount of 4.64% senior secured notes, series 2017-A-2, due June 30, 2029 (Cusip: G8967AV5).

The redemption price is the $821 million principal amount plus an estimated make-whole premium of around $90 million, plus interest to the redemption date.

After the redemption, the company will have around $560 million of remaining institutional notes outstanding with an average interest rate of 4.85%.

The company is attempting to transition its debt capital structure to unsecured investment grade bonds.

The lessor of intermodal freight containers has headquarters in Hamilton, Bermuda.

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