Fortress Transportation amends revolver up to $225 million

By Mary-Katherine Stinson

Lexington, Ky., Sept. 21 – Fortress Transportation & Infrastructure Investors LLC entered into a second amended and restated credit agreement on Sept. 20 providing up to $225 million of revolving loans of which up to $25 million is available for letters of credit, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings under the revolver bear interest at SOFR plus 275 basis points. There is a commitment fee of 50 bps.

The facility matures on Sept. 20, 2025. It may be prepaid without penalty or premium, other than customary breakage costs related to prepayments of term benchmark borrowings.

Financial covenants include a minimum ratio of the appraised value of aviation assets to total revolver commitments of 3x and a maximum ratio of debt to EBITDA for the company and its restricted subsidiaries of 5x as of the last day of each of the test periods ending Sept. 30 and Dec. 31 and 4x as of the last day of any test period after subject to adjustment.

The revolver is secured by the capital stock of certain direct subsidiaries of Fortress Worldwide Transportation and Infrastructure GP.

JPMorgan Chase Bank, NA is the administrative agent. JPMorgan Chase Bank, NA, Barclays and Morgan Stanley Senior Funding, Inc. are lead arrangers, bookrunners and syndication agents.

Proceeds will be used for working capital and other general corporate purposes, including permitted acquisitions and other investments. Letters of credit issued under the revolver will be used for general corporate purposes.

Fortress Transportation is a New York-based owner, developer and acquirer of infrastructure and equipment in the transportation sector.

© 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.