Benzinga | Sep 8, 2021 04:12PM EDT

Fortress Transportaion Announces Proposed Public Offering Of 12M Shares Of Common Stock

Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) (the "Company") announced today its intention to offer 12,000,000 of its common shares, representing limited liability company interests (the "Common Shares"), in a registered underwritten public offering. In connection with the offering, the underwriters have been granted a 30-day option to purchase up to 1,800,000 additional Common Shares.



The Company intends to use the net proceeds from this offering to repay a portion of the amounts outstanding under the senior unsecured bridge term loans that were obtained to finance and pay certain fees and expenses related to the Company's purchase on July 28, 2021 of 100% of the equity interests in Transtar, LLC, which was a wholly-owned short-line railroad subsidiary of United States Steel Corporation.

Barclays, Morgan Stanley and Citigroup are acting as joint book-running managers for the proposed offering.

The offering is being made pursuant to the Company's effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission ("SEC"). The offering will be made only by means of a prospectus and a related prospectus supplement. Prospective investors should read the prospectus supplement and the prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the prospectus and prospectus supplement may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Telephone: 800-603-5847; Email: Barclaysprospectus@broadridge.com); Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Telephone: 800-831-9146).

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.