Giant shipping container owner Triton International (NASDAQ:TRTN) will sell a new issue of perpetual preferred stock.
No details of the issue have been announced except the early redemption period starting 3/15/2024.
Triton owns a fleet of containers and chassis which number 3.7 million as of 12/31/2018. Needless to say these are dry containers, refrigerated units, open top units and tank units. They service industry in 45 countries through 400 3rd party depots around the world.
TRTN is domiciled in Bermuda.
While Triton International has no other preferred issues outstanding CAI International (NASDAQ:CAI) is a similar company and they have 2 issues outstanding which have traded well with with coupons of 8.5%.