Strong Position in Growing Market
ATTRACTIVE REFINANCING AND TRANSITION TO INVESTMENT GRADE TRITON
BONDS PROVIDE A MORE EFFICIENT CAPITAL STRUCTURE
► Comprehensive debt refinancing has significantly reduced Triton's long-term borrowing cost
>> Issued $6.4 billion of long-term debt over last twelve months; prepaid $3.4 billion of ABS,
institutional notes, and term loans with higher rates
» Reduced avg. effective interest rate from 3.9% to 3.2%, significantly expanding leasing margin
>> Over 90% of debt with fixed rates with average duration of 5 years
>> Accessed secured investment grade bond market, tapping an attractive source of new funding
► Transition to unsecured investment grade bonds would provide further cost and flexibility benefits
>> Corporate rating upgraded in March to BBB- by S&P Global Ratings
>> Working to refinance existing debt to facilitate a transition to unsecured debt
>> Targeting completion in 2021
► Capital structure improvements adding to Triton's already substantial market advantages
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