By Taylor Fox
New York, March 18 – Fortress Transportation and Infrastructure Investors LLC priced $100 million of 8¼% fixed-rate reset series C cumulative redeemable perpetual preferred shares on Thursday at par of $25.00, according to an FWP filing with the Securities and Exchange Commission.
Beginning June 15, 2026 and every five years afterward, the dividend will reset to the five-year Treasuries plus 737.8 basis points.
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 are the bookrunners for the registered public offering.
The deal will include a 30-day greenshoe for $15 million of the preferreds.
Dividends will be payable on March 15, June 15, Sept. 15 and Dec. 15, beginning June 15.
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.
| Issuer: | Fortress Transportation and Infrastructure Investors LLC
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| Amount: | $100 million
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| Greenshoe: | $15 million
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| Maturity: | Perpetual
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| Security description: | Fixed-rate reset series C cumulative redeemable perpetual preferred shares
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| Bookrunners: | Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Stifel, Nicolaus & Co., Inc. and UBS Securities LLC
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| Co-managers: | BTIG, LLC, Cantor Fitzgerald & Co., Compass Point Research & Trading, LLC, JMP Securities LLC, Raymond James & Associates, Inc., the Benchmark Co., LLC, the Oak Ridge Financial Services Group, Inc. and WR Securities, LLC
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| Dividend: | 8¼%; resets on June 15, 2026 and every five years afterward at five-year Treasuries plus 737.8 bps
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| Price: | Par of $25.00
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| Yield: | 8¼%
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| Call protection: | At par beginning June 15, 2026
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| Trade date: | March 18
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| Settlement date: | March 25
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| Distribution: | SEC registered
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| Listing: | NYSE: FTAIPrC
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