By Paul A. Harris
Portland, Ore., June 29 – FTAI Infrastructure priced a $100 million add-on to the FTAI Infra Escrow Holdings, LLC 10˝% senior secured notes due June 1, 2027 (B2/B-) at 95.5 resulting in an 11.968% yield to maturity, according to an informed source.
The deal came in a Thursday drive-by.
Barclays was the left bookrunner. Joint bookrunners were BMO Capital Markets Corp. and Morgan Stanley & Co. LLC.
Proceeds will be used to repay the Transtar revolver and bridge loan credit agreement, with the remainder to be used for general corporate purposes.
The issuer is a New York-based supplier of infrastructure and equipment to the aviation, energy, intermodal transport and rail industries.
| Issuer: | FTAI Infra Escrow Holdings, LLC
|
| Amount: | $100 million
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| Issue: | Add-on to senior secured notes
|
| Maturity: | June 1, 2027
|
| Left bookrunner: | Barclays
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| Joint bookrunners: | BMO Capital Markets Corp. and Morgan Stanley & Co. LLC
|
| Co-manager: | Compass Point
|
| Coupon: | 10˝%
|
| Price: | 95.5
|
| Yield: | 11.968%
|
| Spread: | 766 bps
|
| First call: | June 1, 2025 at 105.25
|
| Trade date: | June 29
|
| Settlement date: | July 5
|
| Ratings: | Moody’s: B2
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| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Original issue: | $450 million priced in June 2022
|
| Previous add-on: | $50 million priced in July 2022
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