Container leasing company Triton International has announced they have priced their new issue of preferred shares with a coupon of 7.625%.
Shares are perpetual, cumulative and qualified for tax treatment.
Shares have an early redemption option available to the company starting 3/15/2030.
As I noted before Triton International is owned by Brookfield Infrastructure (BIPI) and no longer has common shares outstanding, but does file 10-Q’s and 10-K’s
The company has 5 other issues outstanding which can be seen here. Potential investors should review all the other options before determining if the new issue is the ‘best’ for you.
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The pricing term sheet can be read here.
According to otcmarkets.com, 193,200 shares already traded today.
https://www.otcmarkets.com/stock/TRTFV/overview
RE: “A” and “B” redemption risk??????
TRTN-A with an 8.50% coupon has $86.250 mil outstanding. TRTN-B with an 8.00% coupon has $143.750 outstanding. Both are presently callable. The market is pricing a yield premium on “A” and “B” vs. the other 3 outstanding TRTN preferreds. Maybe an intent to use a portion of the proceeds of the 7.625% “F” to redeem the “A” and maybe the “B”?????
They are trading flat, around par. So you get the 8 ish until they send it back. Much risk/some reward. I’ve been told in general it takes more than 1% difference to retire an outstanding pfd. BUT what it shows is potential to sell more, the next batch/batches. In other words the 8’s aren’t going to go way up much. I think they are all callable this year
if you Prefer that is my concern, the risk. Yes these are shipping containers and used and shipped worldwide. Intermodal is also used on trains and trucks but if the economy slows down and it will these will get stacked in some storage yard making no money.
Shipping and related industries are usually among the first to tank in a downturn. Buyers slowdown, so there is nothing to ship.
I don’t do shippers, but given all the turmoil about tariffs, etc. I think containers may be worth avoiding until things shake out a bit. My (investor hat) hope is that the uncertainty drives down the prices of the preferreds, but my (individual hat) hope is that things just stabilize.
One thing I don’t like about owning preferreds from anything brookfield is their “everyone has to stand on their own” approach to subsidiaries. I agree that businesses should prosper on their own, but with Brookfield having taken out all the common shares (and still collecting money from the subs), the buffer that common stock usually affords is missing.