Triton International Limited (NYSE: TRTN) announced today that its
subsidiaries restated and amended an existing $1,125,000,000 revolving
credit facility. The maturity date of the existing facility was extended
to May 16, 2024. Pricing consists of a margin over LIBOR that varies
based on the rating of the subsidiaries’ senior secured debt. The
subsidiaries’ senior secured debt is currently rated BBB- by Standard &
Poor’s resulting in an initial margin of 1.50%, reduced from 2.00% in
the existing deal.
“We are very pleased to have concluded this important extension and
repricing,” commented Brian M. Sondey, Chief Executive Officer of Triton
International Limited. “This amended revolving credit facility allows us
to reduce our interest expense, extend the duration of our debt and
continues to position us to take advantage of investment opportunities.”
The facility was led by BofA Securities, Inc., MUFG Bank, Ltd., Royal
Bank of Canada, Wells Fargo Securities LLC, BBVA Compass, ABN AMRO Bank
N.V., Mizuho Bank, Ltd. and PNC Bank, National Association as Joint Lead
Arrangers. Bank of America, N.A. will serve as the administrative agent.
The proceeds from the facility will be used to refinance the existing
revolving credit facility, and for general corporate purposes.
About Triton International Limited
Triton International Limited is the world’s largest lessor of intermodal
freight containers. With a container fleet of over 6.1 million
twenty-foot equivalent units ("TEU"), Triton’s global operations include
acquisition, leasing, re-leasing and subsequent sale of multiple types
of intermodal containers and chassis.
Important Cautionary Information Regarding Forward-Looking Statements
Certain statements in this release, other than statements of historical
information, are "forward-looking statements", including statements
regarding our strategy, future operations, and future financial
positions, within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements that include the words "expect," “estimate”,
"anticipate," “predict”, "believe," “plan”, "will," "should", “intend”,
“seek”, “potential” and similar expressions and variations are intended
to identify forward-looking statements, although not all forward looking
statements contain these identifying words. All forward-looking
statements address matters that involve risks and uncertainties, many of
which are beyond Triton's control. Accordingly, there are or will be
important factors that could cause actual results to differ materially
from those indicated in such statements and, therefore, you should not
place undue reliance on any such statements.
These factors include, without limitation, economic, business,
competitive, market and regulatory conditions and those risk factors set
forth in the section entitled "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31, 2018 (the “Form 10-K”) filed
with the Securities and Exchange Commission ("SEC"), on February 19,
2019, in any Form 10-Q filed or to be filed by Triton, and in other
documents we file with the SEC from time to time.
The foregoing list of important factors should not be construed as
exhaustive and should be read in conjunction with the other cautionary
statements that are included herein and elsewhere. Any forward-looking
statements made herein are qualified in their entirety by these
cautionary statements, and there can be no assurance that the actual
results or developments anticipated by us will be realized or, even if
substantially realized, that they will have the expected consequences
to, or effects on Triton or its business or operations. Except to the
extent required by applicable law, we undertake no obligation to update
publicly or revise any forward-looking statement, whether as a result of
new information, future developments or otherwise.
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