Fortress Transportation offers fixed-to-floating rate preferreds

By James McCandless

San Antonio, Sept. 5 – Fortress Transportation and Infrastructure Investors LLC plans to price an offering of $25-par series A fixed-to-floating rate cumulative perpetual redeemable preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, UBS Securities LLC and Stifel, Nicolaus & Co., Inc. are the joint bookrunners.

The dividend is fixed until Sept. 15, 2024, then converts to Libor plus a spread.

The preferreds are redeemable on or after Sept. 15, 2024 at par. Prior to that, they are redeemable at $25.25 after a tax redemption event, at $25.25 within 120 days after a change of control or at $25.50 within 120 days after a rating event.

Fortress plans to use the proceeds for general corporate purposes, including the funding of future acquisitions and investments.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “FTAIPrA.”

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

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