Triton Preferred Shares Delisted from NYSE Post-Brookfield Acquisition

TL;DR

**Triton's preferred shares are off the NYSE, now owned by Brookfield.**

AI Summary

Triton International Ltd filed an 8-K on January 22, 2024, to report the delisting of its Series A, B, C, D, and E Cumulative Redeemable Perpetual Preference Shares from the New York Stock Exchange (NYSE). This delisting is a direct result of the company's recent acquisition by Brookfield Infrastructure Partners, which closed on December 22, 2023. For investors, this means these specific preferred shares are no longer publicly traded, impacting their liquidity and valuation, as they are now privately held by Brookfield.

Why It Matters

The delisting of Triton's preferred shares means they are no longer publicly tradable, significantly impacting liquidity and potentially their valuation for former holders. This is a direct consequence of the company's acquisition by Brookfield Infrastructure Partners.

Risk Assessment

Risk Level: low — The delisting is a procedural step following a completed acquisition, not an unexpected event, and the preferred shares are now privately held by Brookfield.

Analyst Insight

Investors who held these specific preferred shares should understand that their investment is now privately held by Brookfield Infrastructure Partners and assess the implications for their portfolio, as public trading liquidity is no longer available.

Key Players & Entities

• Triton International Ltd (company) — the registrant whose preferred shares were delisted
• Brookfield Infrastructure Partners (company) — the acquirer of Triton International Ltd
• New York Stock Exchange (company) — the exchange from which Triton's preferred shares were delisted
• 8.50% Series A Cumulative Redeemable Perpetual Preference Shares (other) — one of the classes of preferred shares delisted
• 8.00% Series B Cumulative Redeemable Perpetual Preference Shares (other) — one of the classes of preferred shares delisted
• 7.375% Series C Cumulative Redeemable Perpetual Preference Shares (other) — one of the classes of preferred shares delisted
• 6.875% Series D Cumulative Redeemable Perpetual Preference Shares (other) — one of the classes of preferred shares delisted

Forward-Looking Statements

• The delisted preferred shares will remain privately held by Brookfield Infrastructure Partners. (Brookfield Infrastructure Partners) — high confidence, target: indefinite
• There will be no further public trading of these specific preferred shares. (Triton International Ltd) — high confidence, target: indefinite

FAQ

Key Financial Figures

• $1.125 billion — Agreement") relating to the Borrower's $1.125 billion asset-backed warehouse facility (the "F
• $240 million — of the date of the Amendment, there was $240 million outstanding under the Facility. Pursu

Filing Documents

• trtn-20240122.htm (8-K) — 43KB
• 0001660734-24-000002.txt ( ) — 244KB
• trtn-20240122.xsd (EX-101.SCH) — 2KB
• trtn-20240122_def.xml (EX-101.DEF) — 19KB
• trtn-20240122_lab.xml (EX-101.LAB) — 37KB
• trtn-20240122_pre.xml (EX-101.PRE) — 20KB
• trtn-20240122_htm.xml (XML) — 7KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On January 22, 2024, TIF Funding LLC (the "Borrower"), a wholly-owned subsidiary of Triton International Limited ("Triton"), Wells Fargo Bank, National Association ("Wells Fargo"), as Administrative Agent, certain lenders party thereto (the "Lenders") and Wilmington Trust, National Association ("Wilmington Trust"), as Collateral Agent and Securities Intermediary, entered into Amendment Number 5 to Loan and Security Agreement (the " Amendment ") that, among other things, amended the Loan and Security Agreement (the "Loan Agreement") relating to the Borrower's $1.125 billion asset-backed warehouse facility (the "Facility"), which was initially entered into on December 13, 2018. As of the date of the Amendment, there was $240 million outstanding under the Facility. Pursuant to the Amendment, the interest rate benchmark for the Facility was amended from term SOFR to daily compounded SOFR ("Compounded SOFR"). Additionally, the revolving period of the Facility was extended until January 22, 2027, during which period borrowings under the Facility will bear interest at Compounded SOFR plus 1.60%, after which any borrowings will convert to term notes with a maturity date of January 22, 2031, paying interest at Compounded SOFR plus 2.60%. The Amendment also provides for, among other things, the addition of new Lenders, the modification of certain existing Lenders' commitments and amends certain definitions in the Loan Agreement. During the revolving period, the borrowing capacity under the Facility is determined by applying an advance rate against the net book value of designated eligible equipment. The Facility is secured primarily by a pool of intermodal containers and related assets. The Facility contains affirmative and negative covenants and representations and warranties customary for financings of this type. These covenants are subject to a number of important conditions, qualifications, exceptions and limita

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibit No. Description of Exhibit 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Triton International Limited Date: January 22, 2024 By: /s/ Carla L. Heiss Name: Carla L. Heiss Title: Senior Vice President, General Counsel and Secretary 3

View Full Filing

View this 8-K filing on SEC EDGAR