Triton International Limited, the world’s largest lessor of intermodal freight containers, has raised $503 million through an offering of fixed rate asset-backed notes.

The Bermudian-based company said it had completed an offering of $479.1 million notes with an annual yield of 1.658 per cent, and of $23.8 million notes with an annual yield of 2.558 per cent. The notes have a final maturity date of February 20, 2046.

Brian Sondey, Triton’s chairman and chief executive officer, said: “We are pleased to have concluded another successful ABS [asset-backed series] offering. The offering experienced very strong demand, enabling us to take advantage of historically low interest rates.

”This transaction supports our ongoing container investment and market leading supply capabilities as we continue to play a key role in helping our customers keep global supply chains functioning during this critical time.”

The 2021-1 Class A and 2021-1 Class B notes were issued by TIF Funding II LLC, a wholly-owned subsidiary of Triton. The notes are secured by a pool of containers and related assets owned by the issuer. The net proceeds from the offering will be used for general corporate purposes, including to repay outstanding indebtedness.

Triton will release its fourth quarter earnings report on February 16.