Triton shares fall as share offering is priced
Shares of Triton International Ltd plunged 7 per cent yesterday after the pricing of a secondary offering of more than 10.6 million shares.
The sale by shareholder Vestar Capital Partners LLC represented more than 15 per cent of the Bermudian-based container lease company's common shares.
Yesterday, before the markets opened, the offering was priced at $38.25, nearly 6 per cent below Wednesday's closing price of $40.67.
Triton shares closed at $37.80 on the Nasdaq Stock Exchange in New York, down 7.06 per cent.
Triton is not selling any shares as part of the offering and will not receive any of the proceeds. Vestar will own no Triton shares after the sale is completed.
Goldman Sachs & Co LLC is acting as sole underwriter for the offering, which is expected to close on October 5. • Disclaimer: the author of this article owns shares in Triton