Trinity Industries, Inc. announced on October 19, 2026, that its indirect subsidiary, Trinity Rail Leasing 2026 LLC (TRL-2026), entered into a Term Loan Agreement. The agreement was executed with a syndicate of lenders, including Regions Bank as Administrative Agent, U.S. Bank Trust Company, National Association as Collateral Agent, and U.S. Bank National Association as Depositary.
On the same day, TRL-2026 completed the initial funding of a $349.8 million term loan. The filing states that the proceeds from this loan are designated solely for the acquisition of an initial portfolio of railcars and related operating leases, known as the "Railcar Portfolio." The assets were purchased directly from TILC affiliates, Trinity Rail Leasing Warehouse Trust and Trinity Rail Leasing 2019 LLC.
The company disclosed that the net proceeds from the sale of the Railcar Portfolio were utilized in two specific ways: to repay borrowings under TRLWT’s secured warehouse credit facility and to redeem in full TRL-2019’s Series 2019-2 Secured Railcar Equipment Notes. At the time of redemption, $280.9 million of these notes were outstanding.
Key terms of the Term Loan Agreement include a maturity date of October 19, 2031. The loan carries an interest rate calculated as the sum of the daily simple SOFR plus a facility margin of 1.30% per annum. Additionally, the agreement contains an accordion feature that allows for an additional $300.0 million in principal if certain approvals and conditions are met. The obligations under the agreement are the sole responsibility of TRL-2026 and are secured by the Railcar Portfolio.
