Company: TRTN-PA
Filing Date: 2025-05-02
Form Type: 6-K
Source: 0001660734-25-000016
Chunk: 19

Company: Triton International Ltd
Filing Date: 2025-05-02
Form: 6-K
Chunk 19
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   -38,177 |     |                                        |      |   |     |                |     |               |     |               |     |                                              |   -48,743 |                   |
| Unamortized debt premium & discounts           |     |                                             |    -2,468 |     |                                        |      |   |     |                |     |               |     |               |     |                                              |    -3,237 |                   |
| Debt, net of unamortized costs                 |     | $                                           | 5,942,422 |     |                                        |      |   |     |                |     |               |     |               |     | $                                            | 7,605,720 |                   |

Securitization Term Instruments

Under the Company's ABS facilities, indirect wholly owned subsidiaries of the Company enter into debt agreements for ABS term instruments, including ABS notes. These subsidiaries are intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings.

The Company’s borrowings under the ABS facilities amortize in monthly installments, typically in level payments over five or more years. These facilities provide for an advance rate against the net book values of designated eligible equipment. The net book values for purposes of calculating eligible equipment is determined according to the related debt agreement and may be different than those calculated per GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to nine months of interest expense on certain securitized term instruments.

The Company maintains irrevocable standby letters of credit to satisfy the restricted cash balance requirements equal to nine months of interest expense on the ABS facilities. As of March 31, 2025, the current value of the standby letters of credit for the Company's ABS facilities was $ 31.9million.

Asset-Backed Securitization Warehouse

Under the Company’s ABS warehouse facility, an indirect wholly owned subsidiary of the Company issues ABS notes. This subsidiary is intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings.

The Company's ABS warehouse facility has a maximum borrowing capacity of $ 1,125.0million that is available on a revolving