Fortress obtains $75 million revolver at Libor plus 300 bps

By Wendy Van Sickle

Columbus, Ohio, June 22 – Fortress Transportation and Infrastructure Investors LLC entered into a three-year credit agreement on June 16 providing for a $75 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA and Barclays Bank plc are the joint lead arrangers and bookrunners. JPMorgan Chase Bank, NA is the administrative agent. Barclays is the syndication agent.

Up to $25 million may be used for letters of credit.

Borrowings bear interest at Libor plus 300 basis points, and there is a commitment fee of 50 bps a year, payable quarterly, on the average daily unused portion of the revolver.

Proceeds may be used for general corporate purposes. There were no borrowings outstanding at closing.

Financial covenants include a minimum ratio of the appraised value of certain aviation assets to the aggregate commitments under the revolver of 3.00 to 1.00 and a maximum ratio of debt to total equity for the company and its restricted subsidiaries of 1.65 to 1.00.

The owner of transportation equipment and infrastructure is based in New York.

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