Fortress Infrastructure/FTAI starts roadshow for $500 million five-year secured notes

By Paul A. Harris

Portland, Ore., June 27 – Fortress Transportation and Infrastructure Investors LLC began a telephone roadshow on Monday for a $500 million offering of FTAI Escrow Holdings, LLC five-year senior secured notes, according to market sources.

Initial guidance has the notes coming with a coupon of 10¼% to 10½% at an original issue discount to yield 11%, a trader said.

The deal was set to kick off on a Monday conference call with investors. The roadshow runs through Tuesday and the notes are expected to price Wednesday.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Barclays is the joint bookrunner.

The Rule 144A and Regulation S for life notes come with three years of call protection.

Proceeds will be used to fund the spinoff of FTAI Infrastructure.

The issuing entity, FTAI Escrow Holdings, is set to be merged with FTAI Infrastructure upon completion of the spinoff.

The issuer is a New York-based supplier of infrastructure and equipment to the aviation, energy, intermodal transport and rail industries.

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