Fortress Transportation to price $100 million tap of 6¾% notes due 2022 in Tuesday drive-by

By Abigail W. Adams

Portland, Me., May 29 – Fortress Transportation and Infrastructure Investors LLC plans to price a $100 million add-on to its 6.75% senior notes due 2022 (B1/B+) in a Tuesday drive-by.

The notes are being marketed via an investor conference call scheduled for 11 a.m. ET.

Morgan Stanley is the sole bookrunner for the Rule 144A and Regulation S for life offering, according to a market source.

The notes are non-callable until March 15, 2020. They may be redeemed between March 15, 2020 and March 15, 2021 at 105.063. After March 15, 2021 the notes may be redeemed at par.

There is an equity clawback of up to 40% at 106.75 until March 15, 2020.

Fortress priced the original $250 million of the 6¾% notes in March 2017 at 97 and since then has twice sold add ons, $100 million in August 2017 and $100 million in December 2017.

Fortress Transportation and Infrastructure Investors is a New York-based company that invests in infrastructure and equipment.

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