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.
Thanks to mcg and EarlyBird for being on top of this new issue. EarlyBird is hearing coupon talk in the 7% area.