Fortress begins cash tender offer on up to $300 million of 6¾% notes

By Taylor Fox

New York, Dec. 9 – Fortress Transportation and Infrastructure Investors LLC has begun a cash tender offer to purchase up to $300 million of its $700 million outstanding 6¾% senior notes due 2022 (Cusip: 3460PAA9), according to a news release.

Holders who tender their notes prior to the 5 p.m. ET Dec. 22 early tender deadline will be eligible to receive the total consideration of $1,016 per $1,000 of notes tendered, including a $30 early tender premium.

Holders tendering after the early deadline will be eligible to receive the tender consideration of $986 per $1,000 of notes.

Fortress will also pay accrued interest.

The offer will expire at 11:59 p.m. ET Jan. 7.

Tenders may be withdrawn at any time prior to the early tender deadline.

Notes may be subject to proration if the principal amount of notes validly tendered and not validly withdrawn would cause the maximum tender amount to be exceeded.

In the event any tendered notes are not accepted for purchase due to proration, they will be promptly returned or credited to the holder’s account.

The offer is subject to the satisfaction or waiver of some conditions, including the receipt of at least $300 million of gross proceeds from one or more offerings of debt securities.

Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057) is the dealer manager, and D.F. King & Co., Inc. (212 269-5550, 800 870-0653; ftai@dfking.com) is the tender and information agent.

Fortress is a New York-based owner of transportation infrastructure and equipment.

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