Triton International Limited Announces Closing of $450.3 Million Fixed Rate Asset-Backed Notes

HAMILTON, Bermuda--()--Triton International Limited (NYSE: TRTN) announced today that its indirect wholly owned subsidiary, Triton Container Finance VI LLC, completed its offering of $429,300,000 Fixed Rate Asset-Backed Notes, Class A at an annual yield of 3.987% and $21,000,000 Fixed Rate Asset-Backed Notes, Class B at an annual yield of 4.837%.

“We are very pleased to have concluded another successful term ABS note offering,” commented Brian M. Sondey, Chief Executive Officer of Triton International Limited. “This offering was Triton’s fourth term ABS issuance since our merger and provides cost effective capital to support our continued market leading investment. The offering also allows us to maintain the proportion of our debt with fixed interest rates at approximately 85%, protecting the company from rising interest rates.”

About the Asset-Backed Notes

The Series 2018-1 Notes Class A, which are rated “A” by Standard & Poor’s, were issued with a coupon of 3.95% per annum and an annual yield of 3.987%. The Series 2018-1 Notes Class B, which are rated “BBB” by Standard & Poor’s, were issued with a coupon of 4.78% per annum and an annual yield of 4.837%. The Series 2018-1 Notes have a scheduled maturity date of March 20, 2028 and a legal final maturity date of March 20, 2043. The transaction documents contain customary affirmative and negative covenants, financial covenants, representations and warranties, and events of default, which are subject to various exceptions and qualifications.

The notes were offered within the United States only to qualified institutional investors pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to persons outside the United States in compliance with Regulation S under the Securities Act. The notes have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. Triton operates a container fleet of over five million twenty-foot equivalent units ("TEU"), and its 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 purely historical information, are "forward-looking statements" 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," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. 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 the following: uncertainty as to the long-term value of Triton's common shares; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in the demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including increased tariffs; disruption to our operations from failures of or attacks on our information technology systems; our compliance or failure to comply with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; our ability to obtain sufficient capital to support our growth; restrictions on our businesses imposed by the terms of our debt agreements; changes in the tax laws in the United States and other countries and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" to our Form 10-K, filed with the SEC, on February 27, 2018.

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.

Contacts

Triton International Limited
Andrew Greenberg, 914-697-2900
Senior Vice President
Finance and Investor Relations

Release Summary

TRITON INTERNATIONAL LIMITED ANNOUNCES CLOSING OF $450.3 MILLION FIXED RATE ASSET-BACKED NOTES

Contacts

Triton International Limited
Andrew Greenberg, 914-697-2900
Senior Vice President
Finance and Investor Relations