Container Owner Triton International to Sell Preferred Issue

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.

Preliminary documents for the new issue can be seen here.

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%.

4 thoughts on “Container Owner Triton International to Sell Preferred Issue”

  1. In the latest SEC filing:
    Issuer:
    Ratings*:
    Securities Offered: Number of Shares: Number of Option Shares: Public Offering Price:
    Underwriting Discounts: Maturity:
    Trade Date:
    Settlement Date: Liquidation Preference: Dividend Rate:
    PRICING TERM SHEET
    3,000,000
    8.50% Series A Cumulative Redeemable Perpetual Preference Shares (Liquidation Preference $25.00 per Share)
    March 12, 2019
    Triton International Limited
    B+ (S&P)
    8.50% Series A Cumulative Redeemable Perpetual Preference Shares (the “Series A Preference Shares”)
    3,000,000 shares
    450,000 shares
    $25.00 per share; $75,000,000 total (assuming no exercise of the option to purchase additional Series A Preference Shares)
    $0.7875 per share; $2,362,500 total (assuming no exercise of the option to purchase additional Series A Preference Shares)
    Perpetual (unless redeemed by the Issuer on or after March 15, 2024, or in connection with a Change of Control Triggering Event)
    March 12, 2019
    March 15, 2019 (T+3)
    $25.00 per share, plus accumulated and unpaid dividends
    8.50% per annum of the $25.00 liquidation preference per share (equal to $2.1250 per annum per share)
    Wishing you profitable investing, Nomad

    1. B+ from S&P. But rumor is Egan Jones will be A-. (That’s a joke, folks). If you aren’t fond of rough weather shipping is hard to stomach.

      8.5%.

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