New Issue: Fortress Transportation prices $500 million 7 7/8% seven-year notes to yield 8%

By Paul A. Harris

Portland, Ore., Nov. 16 – Fortress Transportation and Infrastructure Investors LLC priced a $500 million issue of 7 7/8% seven-year senior notes (Ba2/B+/BB-) at 99.333 to yield 8% in a Thursday drive-by, according to market sources.

The yield came in the middle of yield talk in the 8% area. Initial guidance was in the low-8% area.

Joint bookrunners were Morgan Stanley & Co. LLC, Barclays, Citizens Capital Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC.

The New York-based owner and maintainer of commercial jet engines plans to use the proceeds to pay off its revolver and for general corporate purposes.

Issuer:	Fortress Transportation and Infrastructure Investors LLC
Amount:	$500 million
Issue:	Senior notes
Maturity:	Dec. 1, 2030
Joint bookrunners:	Morgan Stanley & Co. LLC, Barclays, Citizens Capital Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC
Co-managers:	BTIG LLC, Cantor Fitzgerald & Co., Compass, Raymond James & Associates, Stifel Nicolaus & Co. Inc., The Benchmark Co. and WR Securities
Coupon:	7 7/8%
Price:	99.333
Yield:	8%
Spread:	359 bps
First call:	Dec. 1, 2026 at 103.938
Trade date:	Nov. 16
Settlement date:	Nov. 21
Ratings:	Moody’s: Ba2
	S&P: B+
	Fitch: BB-
Distribution:	Rule 144A for life and Regulation S
Price talk:	8% area
Marketing:	Drive-by

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