Triton International Prices Preferred Issue

As has been the case lately all coupons seem to come in 1/8% under the “price talk” number.

Container leasing company Triton International (TRTN) has priced a new issue of perpetual preferred at 6.875% (price talk number was 7%).

The company has 3 other issues outstanding which can be seen here. Investors will have to see where this new issue trades and then by comparing to those issues outstanding determine which best fits their needs.

The pricing term sheet can be read here.

15 thoughts on “Triton International Prices Preferred Issue”

  1. Tim , Hi ,isn’t this Triton ,, 4th Preferred offering less then a year ,, Triton was founded in 2015 … ??

    1. Triton has been around longer than 2015. They were privately held before merging with TAL to build the world’s largest lessor of intermodal freight containers – which was announced in late 2015 . Triton International was formed as the new holding company

  2. I have noticed that TD Ameritrade seems to like to put there dirty little fingers in the cookie jar on early trading of some new issues. Thanks for the help guys.

    1. Rob–I see it trading around 25.40–so maybe you don’t want it anyway. I was going to purchase some–but not at this price.

      1. Just curious, was anyone able to buy TRTDP today in the premarket and on what platform ? Thanks
        I called Schwab yesterday and asked them to get the ticker into their trading system for premarket. The assured me it would be there. It was not and it was not available in the regular trading session until 9:35am. Oh well, better late than never. I opened a large position at $25.35, happy with that.

      2. Agreed, Tim. I was watching it in pre-market trading and it seemed to be getting ahead of where I had wanted it with the volume over 400,000 shares. Interestingly, I hold some C shares but I don’t recall Fidelity charging the Foreign Settlement Fee with those.

    2. I Purchased TRNTN-C a couple months ago and was charged $50 by Fidelity and Wells Fargo. If order not large enough, it changes the whole deal.

    3. Fidelity charges the $50 foreign transaction fee while the “foreign” security (Bermuda, in this case) is trading with the temporary OTC symbol. Once it starts trading under the permanent NYSE symbol, the fee doesn’t appear. It’s annoying.

  3. just one quick question before I climb in the one oared rowboat and call myself a shipper. If held in IRA acc. K-1 or foreign taxes ???

    1. Muddy,
      I don’t see where they issue a K-1 and the issue of taxes seems to depend on your broker and if they and their intermediaries honor the tax treaty with Bermuda. I own Bermuda based holdings w/Merrill and they don’t deduct any foreign taxes from my dividends/interest payments.

      I have never held TRTN related items, so this info is just based upon what I found by sniffing this out for you.

    2. I own shares in two issues within taxable accounts and there are no Bermuda taxes deducted or claimed.

      1. No foreign tax. I hold 400 shares of the A and C both at Schwab. Please call Fidelity Fixed Income if they charge a foreign transaction fee of $50 as they frequently do before placing the order. None at Schwab. I believe that Vanguard brokerage also charges foreign transaction fee for “foreign” preferreds.

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