Shipping container owner and lessor Triton International Limited (TRTN) has announced another new issue of preferred stock.
The company already has 4 high yield issues outstanding with coupons between 6.875% and 8.50%–none of which are currently redeemable. They can be seen here.
Note–the company has been very profitable of late, but is highly leveraged.
The preliminary prospectus for the new issue can be seen here.
J was on top of this one. EarlyBird posits yield talk in the 5.875% to 6.0% area.
TTRNV is now TTRNF
Temp ticker is TTRNV (and in a day or so, it may change to TTRNP).
https://otce.finra.org/otce/dailyList?viewType=Additions
08/11/2021 14:26:58
08/11/2021 00:00:00
TTRNV
TRITON INTL LTD PERP PREF SER E (Bermuda)
Looks like this one will price @ 5.75
RB
New rating on all the prefs is BB. Used to be B+ so it was upgraded at some point.
Even at 5.75 it will be the best YTC of all the TRTN issues.
They now have an IG debt rating from S&P although it’s a low IG.
RB
The debt is BBB- from March and the BB on the pref was issued today. In both cases it’s a notch up from prior ratings.
According to QOL, all preferreds were ranked BB by S&P in April 2021, soon after change in debt rating. Don’t know if that info is totally reliable, but if it is, the preferred ratings on preferreds issued earlier occurred soon after debt ratings change. Of course the rating on this new issue should be hot off the press in any event.
RB
QOL ratings are often out of date. I always go to the source for the latest. The BB rating on the new pref was issued today.
High risk here…not my cup of tea!
Aren’t alot of these issues “High Risk”??? Not being a smart ass but when I look thru lets say the last 20 or so aren’t alot of them pretty low rated companies???