On June 16, 2017, Triton Container International Limited (TCIL), a wholly-owned direct subsidiary of Triton International Limited, entered into an amendment (the June 2017 Amendment) among TCIL and various lenders including Bank of America, N.A., as administrative agent, with respect to the Credit Agreement, dated as of April 15, 2016 (the TCIL Credit Agreement). The June 2017 Amendment amended the TCIL Credit Agreement to, among other things, increase the revolving credit limit from $600 million to $1.025 billion and change the maturity from April 15, 2021 to June 16, 2022. The obligations under the TCIL Credit Agreement are secured by substantially all of the assets of TCIL. As of June 16, 2017, the interest rate under the TCIL Credit Agreement is LIBOR plus 2.00% and the advance rate is 83.33%, subject to certain exceptions. The margin applicable to borrowings is determined by the credit rating from Standard & Poors. The transaction documents contain customary affirmative and negative covenants, financial covenants, representations and warranties, and events of default, which are subject to various exceptions and qualifications. TCIL will use the proceeds of borrowings under the TCIL Credit Agreement to refinance existing indebtedness, to purchase additional container equipment and for general corporate purposes. The foregoing description is qualified in its entirety by reference to the agreements as attached hereto as Exhibit 10.1, Exhibit 10.2, and Exhibit 10.3 and incorporated by reference herein.
Item2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant
The disclosure required by this item is included in Item 1.01 and is incorporated herein by reference.
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
Dated: June 22, 2017
/s/ John Burns
Chief Financial Officer
makes a similar move, sign up!
Other recent filings from the company include the following: