Triton International exercises $500 million expanded accordion

By Marisa Wong

Los Angeles, Sept. 6 – Triton International Ltd. as guarantor and its wholly owned subsidiaries, Triton Container International Ltd. and TAL International Container Corp., as borrowers entered into a third amendment on Sept. 1 to their existing $1.2 billion amended and restated term loan agreement with PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increased the size of the accordion feature under the loan agreement to allow the borrowers to increase the aggregate commitment amount by up to an additional $500 million from $200 million.

The terms of the accordion were also amended to extend the period during which the accordion is available.

Concurrently with the closing of the amendment, the borrowers exercised the accordion and borrowed the entire accordion amount.

After giving effect to the exercise of the accordion, the total principal amount outstanding under the term loan is $1,532,000,000.

Triton is a Hamilton, Bermuda-based shipping container leasing company.

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