NOTE–POTENTIAL INVESTORS SHOULD DOUBLE CHECK FOR WHETHER THE DIVIDEND IS QUALIFIED OR NOT. THE PRELIMINARY PROSPECTUS SEEMS TO CONTRADICT ITSELF – 1 SECTION SAYS DIVIDENDS AND ANOTHER SECTION SAYS ORDINARY INCOME.
Container leasing company Triton International LTD (NASDAQ:TRTN) has priced a new issue perpetual preferred shares with a fixed rate coupon of 8.50%.
This issue is fairly junky with a Standard and Poor’s rating of B+. While the issue will likely be just fine as long as the economy remains fairly strong, but will be dicier whenever the economy weakens.
The terms of the issue are the normal terms. The dividends will be cumulative and will NOT be qualified for preferential tax treatment (per the prospectus).
The shares will have an optional redemption period starting 3/15/2024.
The shares will trade with the permanent ticker symbol of TRTN-A eventually. The shares will likely trade on the OTC Grey market, but no ticker has been announced as of yet.
NOTE–the company is domiciled in Bermuda so we may have some brokers attempt to charge incremental fees when buying or selling this issue.