Terms

Series

5.75% Series E Cumulative Redeemable Perpetual Preference Shares

Liquidation Preference

$25.00

Coupon Rate

5.75%

Rate Type

Fixed

Annual Dividend

$1.44

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

September 15, 2026

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Indebtedness And Other Liabilities, Senior Securities (Any Class Or Series Expressly Made Senior To Series E); Pari Passu With: 8.50% Series A Cumulative Redeemable Perpetual Preference Shares, 8.00% Series B Cumulative Redeemable Perpetual Preference Shares, 7.375% Series C Cumulative Redeemable Perpetual Preference Shares, 6.875% Series D Cumulative Redeemable Perpetual Preference Shares, Any Other Expressly Designated Parity Securities; Senior To: Common Shares, Junior Securities (Any Class Or Series Not Expressly Made Senior To Or Parity With Series E)

Regulatory (Basel III) Call

Yes

Tax Classification

Other

Qualifies for QDI

Yes

Qualifies for DRD

No

Shares Offered

7,000,000

Prospectus Summary

Triton International Limited, the world's largest lessor of intermodal containers and a Bermuda-incorporated company, is offering 7,000,000 Series E Cumulative Redeemable Perpetual Preference Shares at a $25.00 liquidation preference, carrying a fixed 5.75% annual dividend rate ($1.4375 per share per year, or approximately $0.3594 per quarter), with no stated maturity. The shares are first callable at par on September 15, 2026, and a Rating Agency Event call is available at $25.50 per share. Dividends are cumulative, meaning any missed payments accrue and must be paid in full before any dividends can be paid on common shares or other junior securities—providing meaningful protection against permanent dividend loss, though not against deferral. The Series E Preference Shares sit above common shares and all other junior securities in Triton's capital structure, and rank pari passu with the existing Series A (8.50%), Series B (8.00%), Series C (7.375%), and Series D (6.875%) preference shares. They are explicitly subordinated to all of Triton's indebtedness and other liabilities; as of June 30, 2021, total debt stood at approximately $7.6 billion against a total capitalization of roughly $10.4 billion. Because Triton is a holding company, preference share investors bear structural subordination risk relative to creditors of operating subsidiaries. A Rating Agency Event redemption provision allows the company to call all shares at $25.50 within 120 days if the shares are downgraded or withdrawn by the Named Rating Agency (S&P) in connection with a change of control, which could force redemption at an unfavorable time for holders. At the $25.00 offering price, the Series E Preference Shares yield 5.75% annually, with quarterly payments on March 15, June 15, September 15, and December 15 (commencing September 15, 2021). The record date falls on the close of business on the fifth Business Day immediately preceding each payment date. Because Triton is a non-U.S. (Bermuda) issuer, dividends are generally taxed as ordinary income to U.S. holders, though individual holders meeting certain holding period requirements may qualify for the reduced qualified dividend income (QDI) rate; investors should consult their tax advisors given PFIC risk and the non-U.S. issuer status. The dividend stopper prevents any distributions on common shares or junior securities unless all cumulative Series E dividends through the most recent payment date have been paid in full.

Summarized from the SEC prospectus filing.

Distribution History

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If full cumulative dividends on the Series E Preference Shares (and any parity securities) have not been paid through the most recent dividend payment date, no dividends may be declared or paid on common shares or any other junior securities.

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 59 (Average)