HAMILTON, Bermuda--(BUSINESS WIRE)--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.