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Triton International prices offering of perpetual preference shares

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Triton International prices offering of perpetual preference shares

Triton International Ltd. priced an underwritten public offering of 6 million of its 6.875% series D cumulative redeemable perpetual preference shares with a liquidation preference of $25 per share for gross proceeds of $150 million.

Dividends will be paid quarterly in arrears on March 15, June 15, Sept. 15 and Dec. 15 of each year, starting March 15, 2020.

Triton International may redeem the preference shares on or after March 15, 2025, in whole or in part, at any time or from time to time, at a redemption price of $25 per share plus all accumulated and unpaid dividends thereon to, but not including, the redemption date.

The offering is expected to close Jan. 24. The company intends to use the net proceeds for general corporate purposes, including the purchase of containers, the repurchase of outstanding common shares, the payment of dividends and the repayment or repurchase of outstanding indebtedness.

Morgan Stanley & Co. LLC, BofA Securities Inc., RBC Capital Markets LLC, UBS Securities LLC, Keefe Bruyette & Woods Inc. and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering. BB&T Capital Markets and CJS Securities Inc. are co-managers.

Triton International plans to file an application to list the preference shares on the NYSE under the symbol TRTN PD. If the application is approved, it expects trading of the shares to start within 30 days after the original issue date.