By James McCandless
San Antonio, March 12 – Triton International Ltd. priced $75 million of $25-par series A cumulative redeemable perpetual preference shares with a dividend of 8.5%, according to a press release.
There is an $11.25 million greenshoe.
The deal was announced Tuesday morning.
Wells Fargo Securities, LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the bookrunners.
The preferreds are redeemable on or after March 15, 2024 at par. Prior to that, they are redeemable within 120 days after a change-of-control triggering event.
Triton plans to use the proceeds for general corporate purposes, including the purchase of containers, repurchase of outstanding common shares, payment of dividends and repayment or repurchase of outstanding debt.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “TRTNPrA.”
Triton is a Bermuda-based shipping equipment leasing company.
Issuer: | Triton International Ltd.
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Description: | Series A cumulative redeemable perpetual preference shares
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Amount: | $75 million, or 3 million shares
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Greenshoe: | $11.25 million, or 450,000 shares
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Maturity: | Perpetual
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Bookrunners: | Wells Fargo Securities, LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC
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Dividend: | 8.5%
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Price: | Par of $25.00
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Yield: | 8.5%
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Call: | On or after March 15, 2024 at par; prior to that, within 120 days after a change-of-control triggering event
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Pricing date: | March 12
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Settlement date: | March 15
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Distribution: | SEC registered
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Listing: | NYSE: TRTNPrA
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