Triton International Ltd. Enters New Agreements, Terminates Others

TL;DR

Triton just signed new deals and axed old ones, creating new debt. Big moves happening.

AI Summary

On July 9, 2024, Triton International Ltd. entered into a material definitive agreement and simultaneously terminated another. The company also created a direct financial obligation. Specific details regarding the nature of these agreements and obligations are not fully disclosed in this filing.

Why It Matters

This filing indicates significant changes in Triton International's contractual and financial obligations, which could impact its operational structure and financial health.

Risk Assessment

Risk Level: medium — The filing indicates material definitive agreements were entered into and terminated, along with the creation of new financial obligations, suggesting potential shifts in the company's financial strategy or operational status.

Key Players & Entities

• Triton International Ltd. (company) — Filer of the 8-K report
• 0001660734-24-000023 (document_id) — Accession number for the filing
• July 9, 2024 (date) — Date of the earliest event reported

FAQ

Key Financial Figures

• $2.0 billion — ed and restated the Borrowers' existing $2.0 billion revolving credit facility with BofA ent
• $1.75 billion — eement to, among other items, add a new $1.75 billion term loan facility tranche (the "Term L
• $500.0 million — feature available to the Borrowers from $500.0 million under the Prior Credit Agreement to $1.
• $1.0 b — ion under the Prior Credit Agreement to $1.0 billion, plus additional incremental amou
• $575.0 m — Revolving Tranche was $1.75 billion and $575.0 million, respectively. The above descri
• $1.4 billion — me of its termination was approximately $1.4 billion. Item 2.03. Creation of a Direct Fina

Filing Documents

• trtn-20240709.htm (8-K) — 47KB
• 0001660734-24-000023.txt ( ) — 245KB
• trtn-20240709.xsd (EX-101.SCH) — 2KB
• trtn-20240709_def.xml (EX-101.DEF) — 19KB
• trtn-20240709_lab.xml (EX-101.LAB) — 34KB
• trtn-20240709_pre.xml (EX-101.PRE) — 20KB
• trtn-20240709_htm.xml (XML) — 7KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Amendment and Restatement of Revolving Credit Facility On July 9, 2024, Triton International Limited ("Triton" or the "Company"), as guarantor, and its wholly-owned subsidiaries, Triton Container International Limited ("TCIL") and TAL International Container Corporation, as borrowers (the "Borrowers," and together with the Company, the "Loan Parties"), entered into a Twelfth Amended and Restated Credit Agreement with Bank of America, N.A. ("BofA"), as administrative agent and letter of credit issuer, various lenders party thereto (the "Lenders"), and other parties thereto from time to time as guarantors (the "Amendment and Restatement"), which amended and restated the Borrowers' existing $2.0 billion revolving credit facility with BofA entered into on October 14, 2021 (the "Prior Credit Agreement," and as amended and restated by the Amendment and Restatement, the "Credit Agreement"). The Amendment and Restatement amended the Prior Credit Agreement to, among other items, add a new $1.75 billion term loan facility tranche (the "Term Loan Tranche") under the Credit Agreement. The Credit Agreement continues to provide for a $2.0 billion revolving loan facility (the "Revolving Tranche") in addition to the Term Loan Tranche. The Term Loan Tranche provided for under the Amendment and Restatement replaces the former term loan agreement with PNC Bank, National Association, as administrative agent, the Borrowers, Triton, as guarantor, and the various lenders party thereto (the "PNC Term Loan Agreement"). Concurrently with the closing of the Amendment and Restatement, all outstanding term loans under the PNC Term Loan Agreement were repaid and the agreement was terminated. The Term Loan Tranche under the Credit Agreement amortizes on a quarterly basis in an amount equal to 2% of the outstanding principal amount thereof as of the closing date, with the remaining balance payable on the Credit Agreement maturity date.

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. As described in Item 1.01 above, on July 9, 2024, the Company repaid and terminated the PNC Term Loan Agreement in connection with the Amendment and Restatement. The principal amount outstanding under the PNC Term Loan Agreement at the time of its termination was approximately $1.4 billion. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 above is hereby incorporated by reference into this Item 2.03. 2

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description of Exhibit 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL 3

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: July 10, 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