Bermudian-based Triton International Ltd, the world’s largest lessor of intermodal freight containers, has announced completion of a $725 million offering of fixed rate, asset-backed notes.

The company said the $690.1 million Series 2021-1 Class A Notes were offered at an annual yield of 1.904 per cent and $34.9 million Series 2021-1 Class B Notes were offered at an annual yield of 2.604 per cent.

Brian Sondey, chairman and chief executive officer of Triton, said: “We are pleased to have closed another successful ABS offering, which brings our total long-term financing proceeds raised to over $3.5 billion since August 2020.

“This offering provides us with an attractive source of financing to support our strong capex programme for the year.”

The company said the notes were issued by Triton Container Finance VIII LLC, a wholly-owned subsidiary of Triton International Ltd. They are secured by a pool of containers and related assets owned by the issuer.

Triton said the issuer will be the sole obligor on the notes; the notes will not be obligations of or guaranteed by Triton International Ltd or any of its other subsidiaries.

The company said the net proceeds from the notes offering will be used for general corporate purposes, including to repay outstanding indebtedness.

The notes have a legal final maturity date of March 2046, the company said.

Triton International Ltd operates a container fleet of more than six million 20-foot equivalent units, and its global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.