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Fortress Transportation whispers $100 million tap of 6¾% notes at 98-98.5; pricing Wednesday
By Paul A. Harris
Portland, Ore., Feb. 6 – Fortress Transportation & Infrastructure Investors LLC plans to price a $100 million add-on to its 6¾% senior notes due March 15, 2022 (B1/B+) in a quick-to-market Wednesday trade trailing a late-morning conference call with investors, according to market sources.
Initial price talk has the deal coming at 98 to 98.5, a trader said.
Left lead bookrunner Barclays will bill and deliver for the Rule 144A and Regulation S for life offering. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are joint bookrunners. CF is the co-manager.
The notes become callable on March 15, 2020 at 105.063. They also feature a 40% equity clawback until March 15, 2022.
The New York-based holding company plans to use the proceeds for general corporate purposes, including the repayment of borrowings under its revolving credit facility, as well as to fund future investments, including aviation investments.
Fortress Transportation & Infrastructure owns, develops, and acquires infrastructure and equipment in the transportation sector.
The original $250 million issue priced at 97 to yield 7.48% in March 2017. A previous $100 million add-on priced at 103.25 to yield 5.633% in December 2017. A second $100 million add-on priced at par to yield 6.746% on May 29, 2018.
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