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Triton International prices $75M offering of preference shares

Triton International Ltd. priced an underwritten offering of 3 million of its 8.50% series A cumulative redeemable perpetual preference shares, with a liquidation preference of $25 per share, for gross proceeds of $75 million.

The company also granted the underwriters a 30-day option to purchase up to an additional 450,000 series A preference shares.

The offering is expected to close March 15.

Triton expects to use the net proceeds from the offering for general corporate purposes, including the repurchase of outstanding common shares, the purchase of containers, the repayment or repurchase of outstanding debt and the payment of dividends.

In the short-term, the company expects to repay borrowings under one of its revolving credit facilities.

Wells Fargo Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC are acting as joint book-running managers for the offering.