Fortress Transportation obtains $100 million 364-day term loan

By Wendy Van Sickle

Columbus, Ohio, Jan. 27 – Fortress Transportation and Infrastructure Investors LLC entered credit agreement providing for $100 million in term loans, which were drawn at closing on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Morgan Stanley Senior Funding, Inc., is the lead arranger, bookrunner and administrative agent.

The term loans mature on Jan. 22, 2018 and bear initial interest of Libor plus 375 basis points. If the company uses its option to extend the term loans by one year, interest will increase to Libor plus 475 bps.

The loans require quarterly amortization payments of $250,000 and may be voluntarily prepaid without penalty other than customary breakage costs.

Proceeds will be used for general corporate purposes, including future acquisitions by Fortress and its subsidiaries of aviation and infrastructure assets.

Based in New York, Fortress owns and acquires transportation equipment and infrastructure.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.