Triton extends revolver to 2027, transitions credit facilities to SOFR

By Wendy Van Sickle

Columbus, Ohio, Oct. 27 – Triton International Ltd. and wholly owned subsidiaries Triton Container International Ltd. and TAL International Container Corp. amended their $1.2 billion term loan agreement and $2 billion revolver on Oct. 26 to transition the benchmark interest rate to SOFR from Libor.

Also, the revolver’s maturity was extended to Oct. 26, 2027, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings under the facilities will now bear interest at term SOFR plus a credit spread adjustment of 10 basis points plus margin that will range from 125 bps to 162.5 bps, depending on Triton’s senior unsecured debt rating. The margins were not changed by the amendment.

PNC Bank, NA is the term loan administrative agent, and Bank of America, NA is administrative agent for the revolver.

The lessor of intermodal freight containers has headquarters in Hamilton, Bermuda.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.