Summary
FTAI Aviation Ltd. (FTAI), formerly Fortress Transportation and Infrastructure Investors LLC, announced on December 20, 2017, the successful closing of a private offering for an additional $100 million aggregate principal amount of its 6.75% senior notes due 2022. These "Additional Notes" were issued at a premium of 103.25% of their principal amount, plus accrued interest. The company intends to utilize the net proceeds from this offering for general corporate purposes, which may include funding future investments. The issuance of these Additional Notes effectively increases the total outstanding aggregate principal amount of FTAI's 6.75% senior notes due 2022 to $450 million. The new notes are fungible with the previously issued notes, meaning they share identical terms regarding interest rate, maturity, and covenants, and will be treated as a single series for all purposes under the governing indenture. This action signals the company's ongoing financing activities and potential expansion or investment plans.
Key Highlights
- 1FTAI Aviation Ltd. successfully closed a private offering of $100 million in additional 6.75% senior notes due 2022.
- 2The Additional Notes were issued at a price of 103.25% of their principal amount, indicating a premium to face value.
- 3Proceeds from the offering are earmarked for general corporate purposes, including potential future investments.
- 4The total outstanding aggregate principal amount of the 6.75% senior notes due 2022 now stands at $450 million.
- 5The Additional Notes are identical in terms to existing notes and will be treated as a single class under the indenture.
- 6This offering was conducted privately and the notes have not been registered under the Securities Act of 1933.