Diversified company Trinity Industries Inc. (TRN) said Tuesday it has partnered with an investment fund, Napier Park Railcar Lease Fund LLC and an additional co-investor, to create RIV 2013 Rail Holdings LLC - a joint venture that will provide railcar leasing services in North America.
As part of the joint venture, RIV 2013 will acquire about $1 billion of railcars, mainly a combination of new railcars made by Trinity Rail Group LLC and existing railcars from Trinity Industries Leasing Co. or one of its units.
Trinity said the joint venture will enable it to grow its leasing platform and maintain its core relationship with customers, while reducing the capital investment required to grow the lease fleet.
Trinity Industries Leasing Co. (TILC), the Napier Park Fund, and the co-investor have also contributed equity capital to complete the long-term capitalization of TRIP Rail Holdings LLC, which holds an existing portfolio of 14,455 railcars purchased from Trinity and TILC over a two-year period from 2007 through 2009.
Proceeds from the equity capital were used to fully repay TRIP's $170 million of 10% Senior Notes due in 2014 and to purchase the equity interests of the legacy equity investors in TRIP other than TILC, which retained an equity interest in TRIP.
TILC will serve as manager and servicer of the TRIP and RIV 2013 portfolios of railcars. Both entities will be accounted for on a consolidated basis in Trinity's financial statements.
The Napier Park Fund, organized and managed by Napier Park Global Capital, is mainly comprised of leading U.S. life and property and casualty insurance companies. The Napier Park Fund has committed a total of $362 million of equity capital to acquire a 60% equity interest in RIV 2013 and a 48% equity interest in TRIP.
The co-investor has committed $50 million to acquire a 9% equity interest in RIV 2013 and a 7% equity interest in TRIP.
TILC has committed $123 million of additional equity capital and will own 31% of the equity of RIV 2013 and 45% of the equity of TRIP.
The remaining equity commitments to RIV 2013 will be combined with proceeds from expected future note issuances from the TRL-2012 Master Indenture to fulfill the remaining planned purchases of railcars.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.