Fortress Transportation and Infrastructure Investors LLC Prices Its Public Offering of Preferred Shares
September 05 2019 - 5:28PM
Fortress Transportation and Infrastructure Investors LLC
(NYSE:FTAI) (the “Company”) announced today that it has priced its
previously announced registered underwritten public offering, of
3,000,000 Fixed-to-Floating Rate Series A Cumulative Perpetual
Redeemable Preferred Shares, liquidation preference of $25.00 per
share, representing limited liability company interests (the
“Preferred Shares”), at a public offering price of $25.00 per share
for gross proceeds of approximately $75 million. The Company
intends to apply to list the Preferred Shares on the New York Stock
Exchange under the symbol “FTAI PR A.” The offering is
expected to close on September 12, 2019, subject to customary
closing conditions. In connection with the offering, the
Company has granted the underwriters a 30-day option to purchase up
to 450,000 additional Preferred Shares to cover over-allotments, if
any.
The Company intends to use the net proceeds from
this offering for general corporate purposes, including the funding
of future acquisitions and investments.
Morgan Stanley, J.P. Morgan, UBS Investment Bank
and Stifel 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 is being 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 Morgan Stanley & Co. LLC, 180 Varick
Street - New York, NY 10014, Attention: Prospectus Department,
telephone (866) 718-1649, email: prospectus@morganstanley.com; J.P.
Morgan Securities LLC, 383 Madison Ave, New York, NY 10179, Attn –
Investment Grade Syndicate Desk, telephone (212) 834-4533; UBS
Securities LLC, Attention: Prospectus Department, 1285 Avenue of
the Americas, New York, New York 10019, telephone (888) 827-7275;
or Stifel, Nicolaus & Company, Incorporated, Attention:
Syndicate Department, One South Street, 15th Floor, Baltimore, MD
21202, telephone: (855) 300-7136, email:
syndprospectus@stifel.com.
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 LLCFortress 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 StatementsThis 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 fiscal
year ended December 31, 2018 and Quarterly Report on Form 10-Q for
the fiscal quarter ended June 30, 2019, 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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