Trinity Refinances Outstanding Debt, Renames Subsidiaries
Trinity Refinances Outstanding Debt, Renames Subsidiaries Written by Marybeth Luczak, Executive Editor
“These refinancings [of TRIP Holdings and RIV 2013] are part of Trinity’s strategic initiatives to improve our returns and drive shareholder value through lowering our cost of capital, and will result in the reduction of the Company’s cost of debt by 50 basis points,” Trinity EVP and CFO Eric Marchetto said.
Trinity Industries’ two partially owned lease subsidiaries have entered into agreements to refinance more than $1.2 billion in outstanding debt.
TRIP Rail Holdings LLC (TRIP Holdings) and RIV 2013 Rail Holdings LLC (RIV 2013) will use the proceeds from the newly issued debt to “fully repay and redeem existing notes and fund expenses related to the refinancing,” Trinity reported.
January 25, 2021
For Trinity, a ‘Green Financing Framework’ Written by Marybeth Luczak, Executive Editor
Eight of TILC’s outstanding debt financings, which represent more than $4 billion of railcar-related debt, “meet the criteria and qualify for the Green Financing designation,” the railcar lessor said.
Trinity Industries Leasing Co. (TILC) has developed and published a new framework that will allow it “to issue green financing instruments, including green non-recourse ABS bonds and green loans, supported by green eligible assets,” the company reported Jan. 25.
TILC said its Green Financing Framework (download below) is backed by a “second-party opinion” from Sustainalytics, a Morningstar Company, which provides ESG (Environmental, Social and Governance) research, ratings and data. Eight of its outstanding debt financings, which represent more than $4 billion of railcar-related debt, “meet the criteria and