Fortress Transportation offers fixed-rate reset perpetual preferreds

By Marisa Wong

Los Angeles, March 18 – Fortress Transportation and Infrastructure Investors LLC plans to offer fixed-rate reset series C cumulative perpetual redeemable preferred shares with a liquidation preference of $25.00 per share, according to a press release and 424B2 filing with the Securities and Exchange Commission.

The preferreds are callable at par beginning June 15, 2026. The securities will also be redeemable before June 15, 2026 upon a rating agency event, a change-of-control event or a tax redemption event.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Stifel, Nicolaus & Co., Inc. and UBS Securities LLC will act as bookrunners for the registered public offering.

The deal will include a 30-day greenshoe for up to an additional 15% of the preferreds.

Dividends will be payable on March 15, June 15, Sept. 15 and Dec. 15, beginning June 15.

The company intends to apply to list the preferreds on the New York Stock Exchange under the symbol “FTAIPrC.”

Proceeds will be used for general corporate purposes, including the funding of future acquisitions and investments such as aviation investments.

Based in New York, Fortress owns and acquires infrastructure and transportation equipment. The company is managed by an affiliate of Fortress Investment Group LLC.

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