North America: Fortress launches USD 300m bond deal

11 September 2018 - 12:00 am UTC

Fortress Transportation and Infrastructure Investors (FTAI) launched a USD 300m senior secured bond deal on a call earlier today, Inframation has learned.

The notes are registered as 144a for life and are due in 2025.

Proceeds would be used to repay USD 125m of borrowings under its revolver and for general corporate purposes.

Barclays, JP Morgan and Morgan Stanley are leading the deal.

FTAI is a publicly-listed unit of the private equity business of Fortress Investment Group, now a part of Softbank. The unit, which has USD 2.2bn in assets as of 30 June, has presence across the following market sectors: aviation leasing, offshore energy, shipping containers, railroads, and ports and terminals, according to SEC filings.

Over the first six months of 2018, FTAI generated 82% of its revenues from equipment leasing, while the balance was from infrastructure.

FTAI’s stock traded today at USD 17.95 per share for a market capitalization of USD 1.49bn, up from Monday’s close of USD 17.84 per share, but down overall from a 52-week high of USD 20.13 per share.