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Triton International Ltd. 6.875% Ser D Cumul Redeemable Perp Preference Shares
Ticker Symbol: TRTN-D CUSIP: G9078F206 Exchange: NYSE
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Triton International Limited, 6.875% Series D Cumulative Redeemable Perpetual Preference Shares liquidation preference $25 per share, redeemable at the issuer's option on or after 03/15/2025 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.875% per annum ($1.71875 per annum or $0.4296875 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be the fifth business day immediately preceding the applicable dividend payment date or another date fixed by the board (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders This company may lose its preferential tax rate if it is classified as a Passive Foreign Investment Company in this or a future tax year (see page S-27 of the prospectus for further information). Upon the occurrence of a change of control resulting in the common shares of the surviving entity no longer being listed on the NYSE, the AMEX or the Nasdaq exchanges the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a Change of Control, each holder of Series D Preference Shares will have the right to convert some or all of the Series D Preference Shares held by such holder on the Change of Control Conversion (see the prospectus for details). This security was not rated by Moody’s and rated B+ by the S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preference shares rank junior to the company's senior debt, equally with other preference shares of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (BIPC)
Notes: April 12, 2023 -- Triton International Limited (NYSE: TRTN) ("Triton" or the "Company") and Brookfield Infrastructure Partners L.P. ("BIP") (NYSE: BIP, TSX: BIP.UN), through its subsidiary Brookfield Infrastructure Corporation ("BIPC") and its institutional partners (collectively, "Brookfield Infrastructure"), jointly announce a definitive agreement for Triton to be acquired in a cash and stock transaction valuing the Company's common equity at approximately $4.7 billion and reflecting a total enterprise value of approximately $13.3 billion. The total consideration of $85.00 per Triton common share will consist of $68.50 in cash and $16.50 in BIPC class A exchangeable shares ("BIPC Shares") (NYSE: BIPC, TSX: BIPC). At closing, BIP's equity investment is expected to be approximately $1 billion, inclusive of the BIPC shares. The stock portion of the consideration is subject to a collar, ensuring Triton shareholders receive the number of BIPC shares equal to $16.50 in value for every Triton Share if the ten-day VWAP of BIPC Shares (measured two days prior to closing) (the "BIPC Final Stock Price") is between $42.36 and $49.23. Triton shareholders will receive 0.390 BIPC Shares for each Triton Share if the BIPC Final Stock Price is below $42.36, and 0.335 BIPC Shares for each Triton Share if the BIPC Final Stock Price is above $49.23. With the collar, between 18.4 and 21.3 million BIPC Shares will be issued to Triton shareholders.
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IPO - 1/16/2020 - 6.00 Million Shares @ $25/share.
Link to IPO Prospectus
Previous Ticker Symbol: TRTDP Changed: 1/29/2020
Market Value $ Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Foreign Address and Phone Numbers |
| Address: Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda |
| Main Phone Number |
441 294-8033 |
| Address and Phone Numbers |
| U.S. Representative |
N.A. |
| Address: 100 Manhattanville Road, Purchase, NY 10577 |
| Main Phone Number |
914-251-9000 |
| Fax Number |
Not Available |
| Investor Contact (VP Finance)
Andrew Greenberg
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914-697-2900
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| CEO - Brian M. Sondey |
CFO - Michael Pearl |
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