Large container leasing firm Triton International (TRTN) has announced a new perpetual preferred stock issue.
The issue will have a early call date of 3/15/2025. The issue will be cumulative. It is likely that S&P will rate the issue B+ (non investment grade-speculative)
The issue should trade on the NYSE under TRTN-D when it hits the permanent exchange. There will be OTC Grey market trading, but the ticker has not yet been announced.
The company has 3 issues outstanding already with coupons of 7.375% to 8.5% which can be seen here.
The preliminary prospectus can be read here.
Thanks to mcg and EarlyBird for being on top of this new issue. EarlyBird is hearing coupon talk in the 7% area.