Summary
FTAI Aviation Ltd. (FTAI) announced on February 8, 2019, the successful closing of its private offering for additional 6.75% senior notes due 2022. The offering was upsized to $150.0 million in aggregate principal amount, exceeding the initial target of $100.0 million. These notes were issued at a discount of 98.5% of their principal value, plus accrued interest, and will mature in 2022. The company intends to utilize the net proceeds for general corporate purposes, specifically mentioning the repayment of outstanding revolving borrowings and funding future investments, with a notable focus on aviation-related ventures. This issuance increases the total outstanding aggregate principal amount of the Company's 6.75% senior notes due 2022 to $700.0 million. All notes, regardless of their issuance date, are treated as a single class under the indenture, sharing identical terms with respect to their maturity and treatment in matters such as waivers and redemptions. Investors should note that these Additional Notes were issued under exemptions from registration under the Securities Act of 1933.
Key Highlights
- 1FTAI Aviation Ltd. closed a private offering of $150.0 million in aggregate principal amount of 6.75% senior notes due 2022.
- 2The offering was upsized from an initial target of $100.0 million.
- 3The Additional Notes were issued at 98.5% of their principal amount, plus accrued interest.
- 4Proceeds are intended for general corporate purposes, including repaying revolving borrowings and funding future investments, particularly in aviation.
- 5Total outstanding aggregate principal amount of 6.75% senior notes due 2022 now stands at $700.0 million.
- 6All issued notes are treated as a single class with identical terms under the governing indenture.
- 7The Additional Notes were offered without registration under the Securities Act of 1933.