Triton International Limited, the world’s largest lessor of intermodal freight containers, announced its wholly owned subsidiary, Triton Container International Limited (TCIL), entered into a $1 billion term loan facility led by PNC Capital Markets LLC, ING Belgium SA/NV and MUFG Bank, Ltd. as Joint Lead Arrangers.

The proceeds from the facility will be used to refinance existing term loans and reduce borrowings on existing revolving credit facilities and for general corporate purposes. The facility has a maturity date of Nov. 30, 2023. Pricing consists of a margin over LIBOR that varies based on the rating of TCIL’s senior secured debt. TCIL’s senior debt is currently rated BBB- by Standard & Poor’s resulting in an initial margin of 1.5 percent.

“We are very pleased to have concluded this important financing,” said Brian M. Sondey, Chief Executive Officer of Triton International. “This term loan allows us to reduce our interest expense, extend the duration of our debt and continues to position us to take advantage of attractive investment opportunities.”

Triton International has a container fleet of more than 6 million 20y-foot equivalent units (TEU). Its global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.