Fortress Transportation and Infrastructure Investors LLC Prices Its Public Offering of Common Shares
September 09 2021 - 5:55PM
Fortress Transportation and Infrastructure Investors LLC
(NYSE:FTAI) (the "Company") announced today that it has priced its
previously announced registered underwritten public offering of
12,000,000 of its common shares, representing limited liability
company interests (the "Common Shares"), at a public offering price
of $25.50 per share for gross proceeds of approximately $306
million. The offering is expected to close on September 14, 2021,
subject to customary closing conditions. In connection with the
offering, the underwriters have been granted a 30-day option to
purchase up to 1,800,000 additional Common Shares.
The Company intends to use the net proceeds from
this offering to repay a portion of the amounts outstanding under
the senior unsecured bridge term loans that were obtained to
finance and pay certain fees and expenses related to the Company’s
purchase on July 28, 2021 of 100% of the equity interests in
Transtar, LLC, which was a wholly-owned short-line railroad
subsidiary of United States Steel Corporation.
Barclays, Morgan Stanley and Citigroup are
acting as joint book-running managers for the proposed
offering.
The offering is being made pursuant to the
Company's effective shelf registration statement on Form S-3 filed
with the Securities and Exchange Commission ("SEC"). The offering
will be made only by means of a prospectus and a related prospectus
supplement. Prospective investors should read the prospectus
supplement and the prospectus in that registration statement and
other documents the Company has filed or will file with the SEC for
more complete information about the Company and the offering. You
may obtain these documents for free by visiting EDGAR on the SEC's
website at www.sec.gov. Alternatively, copies of the prospectus and
prospectus supplement may be obtained from Barclays, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717
(Telephone: 800-603-5847; Email:
Barclaysprospectus@broadridge.com); Morgan Stanley, 180 Varick
Street, 2nd Floor, New York, NY 10014, Attention: Prospectus
Department; or Citigroup, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717 (Telephone:
800-831-9146).
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Fortress Transportation and
Infrastructure Investors LLC
Fortress Transportation and Infrastructure
Investors LLC owns and acquires high quality infrastructure and
equipment that is essential for the transportation of goods and
people globally. FTAI targets assets that, on a combined basis,
generate strong and stable cash flows with the potential for
earnings growth and asset appreciation. FTAI is externally managed
by an affiliate of Fortress Investment Group LLC, a leading,
diversified global investment firm.
Cautionary Language Regarding
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including but not limited to the Company's
anticipated use of the net proceeds from the offering.
Forward-looking statements are not statements of historical fact
but instead are based on our present beliefs and assumptions and on
information currently available to the Company. You can identify
these forward-looking statements by the use of forward-looking
words such as "outlook," "believes," "expects," "potential,"
"continues," "may," "will," "should," "could," "seeks,"
"approximately," "predicts," "intends," "plans," "estimates,"
"anticipates," "target," "projects," "contemplates" or the negative
version of those words or other comparable words. Any
forward-looking statements contained in this press release are
based upon our historical performance and on our current plans,
estimates and expectations in light of information currently
available to us. The inclusion of this forward-looking information
should not be regarded as a representation by us, that the future
plans, estimates or expectations contemplated by us will be
achieved. Such forward-looking statements are subject to various
risks and uncertainties and assumptions relating to our operations,
financial results, financial condition, business, prospects, growth
strategy and liquidity. Accordingly, there are or will be important
factors that could cause our actual results to differ materially
from those indicated in these statements, including, but not
limited to, the risk factors set forth in Item 1A. "Risk Factors"
of the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2020 and Quarterly Reports on Form 10-Q for the
fiscal quarters ended March 31, 2021 and June 30, 2021, as updated
by annual, quarterly and other reports the Company files with the
SEC.
For further information, please contact:
Alan AndreiniInvestor RelationsFortress
Transportation and Infrastructure Investors LLC(212)
798-6128aandreini@fortress.com
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