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Warburg Pincus funds to exit stake in Triton International


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Warburg Pincus funds to exit stake in Triton International

Triton International Ltd. said certain funds affiliated with Warburg Pincus LLC will conduct a public secondary offering of 7,132,790 Triton International common shares.

Based on Triton International's March 14 closing price of $31.94, S&P Global Market Intelligence expects gross offering proceeds to the Warburg Pincus funds of roughly $227.8 million. The funds will no longer own any shares of Triton International, following the sale.

Triton International will not receive any proceeds from the sale.

Triton International also intends to repurchase 1.5 million of its common shares from Morgan Stanley, the underwriter for the offering, at a price equal to what Morgan Stanley pays to the selling shareholders.