trip rail holdings llc

Trinity Industries, Inc. Announces Successful Refinancing of Outstanding Debt for Partially-owned Lease Subsidiaries and Provides Liquidity Update

DALLAS--( BUSINESS WIRE )--Trinity Industries, Inc. (NYSE:TRN) (“Trinity” or the “Company”) announced today that its partially-owned lease subsidiaries TRIP Rail Holdings LLC (“TRIP Holdings”) and RIV 2013 Rail Holdings LLC (“RIV 2013”) have entered into agreements to refinance over $1.2 billion in outstanding debt. Proceeds from the newly issued debt will be used to fully repay and redeem existing notes and fund expenses related to the refinancing.

“We are pleased to announce the refinancing of the partially-owned lease subsidiaries’ capital structure,” said Eric Marchetto, EVP and Chief Financial Officer of Trinity. “The significance of refinancing over $1 billion in debt at historically low interest rates speaks to the attractiveness of the asset class and the depth of the capital markets for high-performing rail securitizations. We are also proud to be the first railcar lessor in North America to issue green bonds under Trinity’s leasing company Green Financing Framework, garnering new participation in the securitizations from firms with various ESG and sustainability mandates. These refinancings 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 is the leading issuer of asset-back railcar securitizations, and this was an important financing for Trinity and our investment partners.”

As part of the refinancing, Trinity Rail Leasing 2012 LLC (“TRL 2012”), a subsidiary of RIV 2013, will be renamed TRP 2021 LLC ("TRP 2021"). TRP 2021 will issue an aggregate principal amount of $355 million of green secured railcar equipment notes at a blended coupon of approximately 2.13% and a weighted average life of approximately 5.5 years at closing. The transaction will have a loan to value of 73.5% and will be secured by 6,350 railcars and their associated operating leases. Upon closing, the proceeds are expected to redeem the TRL 2012 secured railcar equipment notes which had $349 million outstanding at March 31, 2021 and carried a 3.59% interest rate.

TRIP Rail Master Funding LLC (“TRMF”), a subsidiary of TRIP Holdings, will be renamed Triumph Rail LLC ("Triumph"). Triumph will also issue an aggregate principal amount of $560 million of green secured railcar equipment notes at a blended coupon of approximately 2.20% and a weighted average life of approximately 5.3 years at closing. The transaction will have a loan to value of 74.8% and will be secured by 11,004 railcars and their associated operating leases. Additionally, TRIP Railcar Co., LLC, another subsidiary of TRIP Holdings, has entered into a term loan agreement, and is expected to draw down approximately $330 million from its loan facility that will bear interest at LIBOR (or an alternate base rate) plus a facility margin of 1.85%. Together upon closing, the proceeds are expected to redeem TRMF’s secured railcar equipment notes, which had $877 million outstanding at March 31, 2021 and carried a blended average interest rate of 5.14%.

Both securitizations and the associated term loan agreement are expected to close and fund on or about June 15, 2021. Collectively, the Company maintains a 38% ownership in the partially-owned subsidiaries, and the associated refinancings are expected to reduce interest expense by approximately $25 million to 30 million on an annualized basis. During the second quarter, the Company will incur approximately $12 million in costs related to redemption premiums and unamortized loan costs associated with the outstanding debt.

Liquidity Update

As of March 31, 2021, Trinity’s income tax receivable balance was $441 million primarily due to the effects of the change in tax loss carryback provisions in the CARES Act. Today the Company announced the receipt of a $207 million income tax refund associated with the tax loss carryback for the 2019 tax year.

About Trinity Industries

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail ® . The TrinityRail platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and All Other. For more information, visit: www.trin.net .

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential financial and operational impacts of the COVID-19 pandemic. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. In particular, the closing of the transactions described in this release are subject to general market and other conditions, which in turn are subject to a broad range of risks and uncertainties that could affect the Company, and there are no assurances that the transactions will be completed when expected or at all. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.

Investor Contact: Jessica L. Greiner Vice President, Investor Relations and Communications Trinity Industries, Inc. (Investors) 214/631-4420

Media Contact: Jack L. Todd Vice President, Public Affairs Trinity Industries, Inc. (Media Line) 214/589-8909

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Trinity marketing its second green-bond securitization of railcar leases

Trinity Industries Leasing Co. is planning to issue $354.98 million in green bonds, its second railcar-lease securitization since implementing its green-financing framework in January.

Triumph Rail LLC, Series 2021-2 will include a $338.89 million Class A tranche with preliminary A ratings from Kroll Bond Rating Agency and S&P Global Ratings. Also being issued is a $16.08 million tranche of notes with that are rated BBB by both KBRA and S&P.

The bonds are being issued by Triumph Rail LLC, a special purpose entity and subsidiary of TRIP Rail Holdings. It is the second series of the year through the master trust, which the company formed in 2011 originally as TRIP Rail Master Funding LLC.

The Triumph Rail trust was renamed after Trinity established its green-financing framework, in which it is eligible to issue ABS bonds as green instruments under the green-bond principles of the International Capital Market Association.

Trinity’s railcar collateral qualifies as an eligible green asset, since freight transportation serves as a lower carbon-emissions alternative to big-rig trucking for land-based goods transport.

The portfolio includes 3,570 tank railcars and 3,218 non-tank cars, with a fair market value of $474.8 million.

About 87.9% of the railcars are on full-service leases, 2.8% are on per diem leases and 1.3% are on net leases. The remaining 7.9% are off lease.

Trinity is responsible for maintenance costs for the railcars under full-service leases in the portfolio.

Trinity earlier this month closed on its first series of green bonds issued by the trust in a $355 million transaction.

The current levels of credit enhancement are a reduction from levels of 58.0%, 48.7%, 35.9%, 22.5% and 17% on the classes A, B, C, D and E on the BLAST 2024-1 deal.

First-quarter results at the companies were promising for other banks looking to reel in fees from capital markets activities as deposit costs put pressure on net interest income.

The financing outlook improved from recent surveys on a macro basis, but expectations around commercial real estate helped cloud over the credit forecast.

A new Federal Reserve analysis finds rising debt-to-income and loan-to-value ratios over the past two years, while credit scores largely remained the same.

Most of the notes will be fixed rate, but the A1B tranche could be benchmarked to the three-month Secured Overnight Financing Rate (SOFR).

Mortgage rates rose this week as investors priced stronger than expected inflation and jobs affecting Fed moves into the 10-year Treasury.

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Trinity Industries, Inc.

Us8965221091, heavy machinery & vehicles.

• Trinity Industries, Inc. : Forms a New Railcar Leasing Joint Venture and Completes Long-Term Capitalization of TRIP Rail Holdings LLC

NEWS RELEASE Investor Contact: Jessica L. Greiner Director of Investor Relations Trinity Industries, Inc. 214/631-4420

FOR IMMEDIATE RELEASE

Trinity Industries, Inc. Forms a New $1 Billion Railcar Leasing Joint Venture and

Completes Long-Term Capitalization of TRIP Rail Holdings LLC

DALLAS - May 7, 2013 - Trinity Industries, Inc. (NYSE:TRN) announced today it has partnered with an institutional investment fund, Napier Park Railcar Lease Fund LLC (the "Napier Park Fund") and an additional co-investor who also invested in the Napier Park Fund, to create RIV 2013 Rail Holdings LLC ("RIV 2013"), a joint venture that will provide railcar leasing services in North America. As part of the joint venture, RIV 2013 will acquire approximately $1 billion of railcars, primarily a combination of new railcars manufactured by Trinity Rail Group, LLC and existing railcars from Trinity Industries Leasing Company ("TILC") or one of its subsidiaries. This joint venture allows Trinity to further grow its leasing platform and maintain its core relationship with its customers, while reducing the amount of capital investment required to grow the lease fleet. RIV 2013 is expected to acquire a portfolio of approximately $1 billion in railcars through a series of transactions prior to the end of 2014. RIV 2013 currently owns the equity interest in Trinity Rail Leasing 2012 LLC ("TRL-2012"), an entity formed by TILC in December 2012 for the long-term financing of railcars, with a total of approximately $455 million in railcars at their current value. In the future, RIV 2013 will purchase up to an additional approximately $545 million of railcars from Trinity Rail Group, LLC, TILC or one of its subsidiaries to complete the planned portfolio. 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 ("TRIP"), 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. Income associated with the equity interest not owned by Trinity will be reflected as non-controlling interests. The Napier Park Fund, organized and managed by Napier Park Global Capital, is primarily comprised of leading U.S. life and property and casualty insurance companies. The Napier Park Fund has committed a 1 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. While the purchases are expected to be conducted by the end of 2014, the availability of the equity commitments from the joint venture extends into 2016. Macquarie Capital advised Trinity on the capitalization of TRIP and the raising of private equity capital for RIV 2013 and TRIP. "We are excited to partner with these institutional investors that share Trinity's long-term view regarding the attractive nature of investing in our fleet of leased railcars," said Timothy R. Wallace, Trinity's Chairman, CEO and President. "Gaining access to this new investor base of long-term equity capital provides Trinity with a great deal of financial flexibility. In addition, we see this as a business model that can be replicated, making it an important element of our broader strategy to grow our leasing platform. " "We are very pleased to partner with Trinity Industries on this investment," said Jim O'Brien, Managing Partner of Napier Park Global Capital. "As structured, the transaction achieves the financial objectives set out by Trinity and provides our investors with a unique and compelling investment opportunity. We look forward to a long and mutually beneficial relationship with Trinity." "Since 2001, Trinity has successfully raised more than $5.0 billion in debt and equity to finance the growth of its leased railcar fleet. This transaction is another example of our access to a variety of capital sources," said James E. Perry, Trinity's Senior Vice President and Chief Financial Officer. "Attracting this new equity capital accomplishes key strategic objectives for our leasing business by providing an alternative source of capital to continue expanding our railcar leasing and management services platform and solidifying the final phase of TRIP's long-term capital structure. In addition, these transactions are expected to generate capital to Trinity of approximately $575 to $625 million over the availability period, which will be available for reinvestment in our diversified portfolio of businesses or other opportunities." 2

The following section provides transaction details and additional clarification in a "Question and

Answer" format:

Q1) How does Trinity benefit from these transactions?

• The transaction generates capital for reinvestment in Trinity's portfolio of diversified businesses or other opportunities and allows Trinity to reduce the amount of capital required for investment in leased railcars to grow the lease fleet.

• This transaction provides Trinity with additional financial flexibility to continue the growth of its railcar leasing and management services platform while maintaining its core relationship with the lessees.

• The announced joint venture provides TILC access to a new source of long-term, equity capital from institutional investors.

• The proceeds raised complete the long-term capital structure for TRIP and reduces its financial leverage.

• Both RIV 2013 and TRIP are tax efficient structures for TILC and the other equity investors.

Q2) What are the terms of the RIV 2013 joint venture?

• RIV 2013 is a newly formed railcar joint venture established to acquire a diverse portfolio of approximately $1 billion of primarily new Trinity-manufactured railcars and existing railcars from TILC or its subsidiaries.

• TILC will own 31% of RIV 2013's equity. The new investors will own 69% of RIV 2013's equity.

• RIV 2013 currently owns the equity interest in TRL-2012, an entity formed by TILC in December

2012 for the long-term financing of railcars, with a total railcar value of approximately $455 million and asset-backed debt of approximately $331 million with a blended coupon of approximately 3.0%.

• Approximately $145 million of the combined equity commitment from new investors was used to acquire an equity interest in RIV 2013 at the onset of the transaction.

• With the remaining combined equity commitments of $157 million, and proceeds from expected future debt financings, it is anticipated that RIV 2013 will acquire an additional approximately

$545 million of railcars, primarily from Trinity and TILC, by the end of 2014. If necessary, the equity commitment for RIV 2013 has a three-year availability period for purchases of railcars that extends into 2016.

• TILC will serve as manager and servicer of the railcars in the RIV 2013 portfolio and will earn origination fees and servicing fees, as well as potential incentive fees based on the portfolio's

performance. 3 Q3) What are the details behind the TRIP capitalization?

• Approximately $233 million was used to repay the TRIP Senior Notes, repurchase the legacy equity investors' interests other than the equity interest owned by TILC, and pay associated closing expenses.

• TRIP's $170 million of 10% Senior Notes were fully repaid.

• All of the legacy equity owners other than TILC sold their equity interests in TRIP.

Q4) How will Trinity account for TRIP and RIV 2013 in its financial statements?

• The accounting treatment for TRIP is unchanged.

• TRIP will continue to be accounted for on a consolidated basis in Trinity's financial statements. RIV 2013 will also be accounted for on a consolidated basis. The two entities will be reported together under "Partially-Owned Leasing Subsidiaries" within the Trinity's financial statements.

• The profit on future railcar sales from Trinity, TILC, or one of TILC's subsidiaries to RIV 2013 will be deferred and recognized as a credit to Trinity's operating profit over the remaining life of the railcars.

• The full amount of operating profit from TRIP and RIV 2013 will be reported in Trinity's consolidated operating profit; the portion of net income owned by third party investors will be deducted from net income on a net basis through the non-controlling interests line item on Trinity's income statement.

• Since Trinity's ownership interest in TRIP has decreased, a larger proportion of TRIP's net income will be deducted from net income on a go forward basis in determining net income attributable to Trinity Industries, Inc.

Q5) How do these transactions impact Trinity's current earnings guidance?

• The most recent guidance that Trinity provided for 2013 already incorporated these transactions.

• The newly raised external equity capital provides for continued growth of the leasing platform and generates significant proceeds to reinvest in Trinity's diversified portfolio of businesses for future earnings growth.

4 Q6) Will the railcars to be acquired by RIV 2013 come from the backlog previously designated for TILC?

• The initial $455 million of railcars acquired by RIV 2013 were existing railcars acquired from

TRL-2012, which was wholly-owned by TILC.

• The remaining approximately $545 million of railcars that will be acquired by RIV 2013 will be primarily a combination of new and existing railcars from Trinity and TILC. A portion of these railcars are already in Trinity's $5.1 billion railcar backlog and the $906 million of railcars that were designated for sale to TILC.

• The specific cars to be acquired by RIV 2013 in the future have not yet been identified.

Q7) What is the anticipated timing for the receipt of the $575 to $625 million in proceeds?

• Approximately $175 million of net proceeds were received by Trinity and TILC at closing from the capitalization of TRIP and the equity contributions by the new investors into RIV 2013.

• Trinity expects to receive the remaining $400 million to $450 million of capital in stages as the portfolio of railcars is acquired by RIV 2013 within the availability period.

Q8) How do you plan to invest the proceeds from these transactions?

• The proceeds will be invested in further growth of TILC's railcar lease fleet, in Trinity's diversified portfolio of businesses or other opportunities.

• Trinity continues to devote resources towards identifying and pursuing additional businesses that provide products that align with the Trinity's manufacturing platforms.

Trinity Industries, Inc., headquartered in Dallas, Texas, is a diversified industrial company that owns market-leading businesses which provide products and services to the energy, transportation, chemical and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment Group. For more information, visit: www.trin.net. Trinity Industries Leasing Company is a leading railcar leasing and management services company wholly owned by Trinity Industries, Inc. As of March 31, 2013, TILC had 72,775 railcars in its wholly- and partially-owned fleets of leased railcars. TRIP Rail Holdings LLC is a joint venture owned by TILC and unaffiliated equity investors that was formed in 2007 to provide railcar leasing and management services in North America. At March 31, 2013, TRIP's lease fleet included approximately 14,455 railcars with a net book value of approximately $1.1 billion. TILC manages and services the railcars for TRIP. TRL-2012 was formed in December of 2012 as a wholly-owned subsidiary of TILC and owns a portfolio of railcars managed and serviced by TILC. As of March 31, 2013, TRL-2012 had $331 million of asset- backed debt with a blended coupon of approximately 3.0%. RIV 2013 has acquired TRL-2012. 5 Napier Park Global Capital is an independent alternative asset management firm that manages approximately $6.8 billion. The firm manages a diversified product mix including hedge funds, bespoke client solutions, private investments, CLOs and structured credit to large, sophisticated institutional investors. Napier Park Global Capital has offices in New York and London. For more information visit www.napierparkglobal.com Napier Park Railcar Lease Fund LLC is a single purpose private equity investment fund organized by Napier Park Global Capital. The fund, which is backed by large, institutional investors including several of the leading U.S. life and property and casualty insurance companies, was formed to provide funding for the recapitalization of TRIP Rail Holdings LLC and provide growth capital for RIV 2013 Rail Holdings LLC. - END - 6

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Napier Park, Trinity Industries Complete $370MM Railcar Lease Fund

Napier Park Global Capital LLC (“Napier Park”), a global alternative asset management firm, announced today that its Financial Partners team has completed the initial investment of the Napier Park Railcar Lease Fund, LLC (the “Railcar Lease Fund” or the “Fund”), a $370 million specialized, single-purpose private equity fund, deploying a total of $359 million in equity capital, or 97%, within 12 months of the Fund’s inception and nine months after its final closing. This investment by the Fund, along with equity capital from the Fund’s joint venture partners listed below and long-term debt, has financed the acquisition of railcars representing $2.1 billion in asset value. “We are particularly pleased to have established, through our partnership with Trinity Industries Leasing Company, a young, highly-diversified, fully-leased and, most importantly, economically-attractive fleet of freight and tank cars” “We are delighted with how successful this innovative investment opportunity has proven to be to date,” said Jim O’Brien, co-Managing Partner of Napier Park. “Just nine months after closing the fund we have already deployed most of the capital and secured attractive long-term, low-cost debt financing. We are grateful for the backing we have received from an impressive group of limited partners to participate in this important asset class alongside our operating partner, Trinity Industries.” The Railcar Lease Fund was established as part of a joint venture between Napier Park and Trinity Industries Leasing Company (“TILC”), a wholly owned subsidiary of Trinity Industries, Inc. (NYSE:TRN; “Trinity Industries”), a diversified industrial company that includes, as one of its principal businesses, the manufacture and leasing of railcars. The Fund’s limited partners include leading U.S. life and property & casualty insurance companies and family offices, and the Fund now owns 54% of the joint venture, comprised of ownership in the underlying operating companies, TRIP Rail Holdings LLC (“TRIP”) and RIV 2013 Rail Holdings LLC (“RIV 2013”). A Fund limited partner has also made a direct co-investment in the joint venture. On May 9, 2014, TRIP purchased a $388 million portfolio of existing, leased railcars from TILC to complete the initial fleet. The portfolio purchase was financed with the issuance of long-term, asset-backed debt and previously committed equity capital. The newly issued debt has a weighted average life of 8.2 years and a blended coupon of approximately 3.8% at closing. The debt is secured by TRIP’s fleet of railcars and the associated operating leases and is non-recourse to TRIP and to the Fund. Importantly, this most recent financing, along with the previously completed financings used to capitalize prior purchases through TRIP and RIV 2013, are in-place throughout the life of the Fund. As of May 9, 2014, on an aggregate basis, the joint venture owns a total portfolio of $2.1 billion of railcars, based on GAAP equipment book value, with an average age of 5 years, on lease principally to industrial shippers. As of March 31, 2014, the railcars were 100% utilized. “We are particularly pleased to have established, through our partnership with Trinity Industries Leasing Company, a young, highly-diversified, fully-leased and, most importantly, economically-attractive fleet of freight and tank cars,” said Manu Rana, Managing Director, Napier Park Financial Partners, and “we and our limited partners look forward to a continued and productive partnership with Trinity Industries Leasing Company and Trinity Industries.”

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2. General information about Moscow metro

Metro working hours, navigation, wi-fi.

The Moscow Metro is open from about 5:30 am until 1:00 am. The precise opening time varies at different stations according to the arrival of the first train, but all stations simultaneously close their entrances and transitions to other lines at 01:00 am for maintenance. The minimum interval between trains is 90 seconds during the morning and evening rush hours. Each line is identified according to an alphanumeric index (usually consisting of a number), a name and a color. Voice announcements in Russian refer to the lines by name and by numbers in English. A male voice announces the next station when traveling towards the center of the city or the clockwise direction on the circle line, and a female voice – when going away from the center or the counter-clockwise direction at the circle. The lines are also assigned specific colors for maps and signs.

Free Wi-Fi is called MT_FREE and available on all 14 lines (inside the trains).

Using Metro services is frequently the fastest and the most efficient way to get from one part of the city to another. But during daytime Moscow Metro stations are usually overcrowded so if you want to just enjoy the beauty of the underground, it’s better to visit it late in the evening.

MCC and MCD

Since 2016 The Moscow Metro is connected to two new types of rail transport. The first one is MCC – Moscow Central Circle. It has 31 stations around the city with changes to metro stations (most of them require to walk a few minutes via the street). The second one is MCD, Moscow Central Diameters, a system of city train services on existing commuter rail lines in Moscow and Moscow Oblast. MCD has several lines, they’re being marked as D1, D2 etc. Changing to both MCC and MCD from the Metro is free when your journey is within the city. Both MCC and MCD lines exist on all of the Moscow Metro maps.

Interesting facts about Moscow metro

213 people were born in the metro during the World War II, when it was used as a bomb shelter.

There are 76 bronze sculptures of workers, peasants, soldiers, sailors, etc. at Ploshchad Revolyutsii station. There is legend connected with this station. To pass any examination successfully, a student should touch the bronze dog’s nose («the Frontier Guard with a Dog» sculpture). You can easily understand high popularity of this legend by looking at the polished nose of the dog.

It is said that some of the magnificent mosaics at several central stations, for example the «World Peace» mosaic at Novoslobodskaya, were made with the pieces of enamel and smalt, taken from the famous Christ the Savior Cathedral, before it’s destruction.

As any other dungeon the Moscow metro, has its own ghosts. The most famous one is the old lineman. He is not dangerous and usually hides into the wall, when people appear. The ghostly metro train is much more dangerous. It appears after midnight at the Circle Line and consists of old-time carriages. It sometimes stops at the stations and opens its doors, and then goes back into the darkness. It is said that the souls of Stalin’s prisoners, perished during the building of the metro are locked in the train forever.

3. Moscow Metro tickets

1 or 2 trips.

You can buy tickets in ticket offices or in automatic ticket machines. Passes for 1 or 2 trips are the most expensive. They sold only in ATM and cost 55 and 110 rubles (€0.55 and €1.10) respectively.

More than 2 trips

All the other kinds of tickets are available in the ticket offices. Tickets for bigger amount of trips are more profitable.

«90 Minutes» ticket

A ticket «90 minutes» is valid for one trip on the metro and an unlimited number of trips on surface transport within this time. It costs 65 rub (€0.65).

The «Troyka» card

You can also use «Troyka» – refillable card to pay for travelling on all kinds of public transport – metro, buses, trolley-buses, trams, monorail and blue minibuses. With «Troyka» one trip costs 35 rub (€0.35).

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THE 10 BEST Moscow Boat Rides & Cruises

Boat rides & cruises in moscow.

• Boat Rentals
• Scuba & Snorkeling
• Fishing Charters & Tours
• Water Sports
• Stand-Up Paddleboarding
• Surfing, Windsurfing & Kitesurfing
• Kayaking & Canoeing
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• Good for Big Groups
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• Hidden Gems
• Honeymoon spot
• Good for Adrenaline Seekers
• Adventurous
• Things to do ranked using Tripadvisor data including reviews, ratings, photos, and popularity.

1. Flotilla Radisson Royal

2. Moscow River Boat Tours

3. Sup-Club

4. Akvanavt Diving Centre

5. Diving Center Crocus City Oceanarium

6. CheapRussia Tours

7. Kite School Kiteclass

8. SUP Center

9. Erwin. Reka

11. Easy Russia Tour Guide

12. Lovely Russia Tours

13. Capital River Boat Tours - Moscow Centre

14. Alfa Centr

15. Diving Club Divers

16. Sup Outdoor

17. MORE MOSCOW

19. Soho Sailing Style

20. Diving Center Crocodile

21. Mosparokhodstvo

22. Dive-Project

24. Kosinskiy Children Marine Club

25. Kayak Moscow

26. DIVECLUB CHE

27. Moswake

28. FLOW Moscow

29. Morskiye Volki

30. S-cruises

What travelers are saying

• CheapRussia Tours
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Trinity Industries, Inc. Announces Successful Refinancing of Outstanding Debt for Partially-owned Lease Subsidiaries and Provides Liquidity Update

Trinity Industries, Inc. (NYSE:TRN) (“Trinity” or the “Company”) announced today that its partially-owned lease subsidiaries TRIP Rail Holdings LLC (“TRIP Holdings”) and RIV 2013 Rail Holdings LLC (“RIV 2013”) have entered into agreements to refinance over $1.2 billion in outstanding debt. Proceeds from the newly issued debt will be used to fully repay and redeem existing notes and fund expenses related to the refinancing.

“We are pleased to announce the refinancing of the partially-owned lease subsidiaries’ capital structure,” said Eric Marchetto, EVP and Chief Financial Officer of Trinity. “The significance of refinancing over $1 billion in debt at historically low interest rates speaks to the attractiveness of the asset class and the depth of the capital markets for high-performing rail securitizations. We are also proud to be the first railcar lessor in North America to issue green bonds under Trinity’s leasing company Green Financing Framework, garnering new participation in the securitizations from firms with various ESG and sustainability mandates. These refinancings 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 is the leading issuer of asset-back railcar securitizations, and this was an important financing for Trinity and our investment partners.”

As part of the refinancing, Trinity Rail Leasing 2012 LLC (“TRL 2012”), a subsidiary of RIV 2013, will be renamed TRP 2021 LLC ("TRP 2021"). TRP 2021 will issue an aggregate principal amount of $355 million of green secured railcar equipment notes at a blended coupon of approximately 2.13% and a weighted average life of approximately 5.5 years at closing. The transaction will have a loan to value of 73.5% and will be secured by 6,350 railcars and their associated operating leases. Upon closing, the proceeds are expected to redeem the TRL 2012 secured railcar equipment notes which had $349 million outstanding at March 31, 2021 and carried a 3.59% interest rate.

TRIP Rail Master Funding LLC (“TRMF”), a subsidiary of TRIP Holdings, will be renamed Triumph Rail LLC ("Triumph"). Triumph will also issue an aggregate principal amount of $560 million of green secured railcar equipment notes at a blended coupon of approximately 2.20% and a weighted average life of approximately 5.3 years at closing. The transaction will have a loan to value of 74.8% and will be secured by 11,004 railcars and their associated operating leases. Additionally, TRIP Railcar Co., LLC, another subsidiary of TRIP Holdings, has entered into a term loan agreement, and is expected to draw down approximately $330 million from its loan facility that will bear interest at LIBOR (or an alternate base rate) plus a facility margin of 1.85%. Together upon closing, the proceeds are expected to redeem TRMF’s secured railcar equipment notes, which had $877 million outstanding at March 31, 2021 and carried a blended average interest rate of 5.14%.

Both securitizations and the associated term loan agreement are expected to close and fund on or about June 15, 2021. Collectively, the Company maintains a 38% ownership in the partially-owned subsidiaries, and the associated refinancings are expected to reduce interest expense by approximately $25 million to 30 million on an annualized basis. During the second quarter, the Company will incur approximately $12 million in costs related to redemption premiums and unamortized loan costs associated with the outstanding debt.

Liquidity Update

As of March 31, 2021, Trinity’s income tax receivable balance was $441 million primarily due to the effects of the change in tax loss carryback provisions in the CARES Act. Today the Company announced the receipt of a $207 million income tax refund associated with the tax loss carryback for the 2019 tax year.

About Trinity Industries

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail ® . The TrinityRail platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and All Other. For more information, visit: www.trin.net .

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential financial and operational impacts of the COVID-19 pandemic. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. In particular, the closing of the transactions described in this release are subject to general market and other conditions, which in turn are subject to a broad range of risks and uncertainties that could affect the Company, and there are no assurances that the transactions will be completed when expected or at all. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210601005083/en/

Investor Contact: Jessica L. Greiner Vice President, Investor Relations and Communications Trinity Industries, Inc. (Investors) 214/631-4420

Media Contact: Jack L. Todd Vice President, Public Affairs Trinity Industries, Inc. (Media Line) 214/589-8909