FTAI Infrastructure Announces Pricing of $600 Million Senior Secured Notes Offering

On February 7, 2025, FTAI Infrastructure Inc. (NASDAQ: FIP) subsidiary Long Ridge Energy LLC revealed the pricing of its private offering of $600 million aggregate principal amount of 8.750% senior secured notes due 2032. The initial offering was upsized from $500 million to $600 million, showcasing strong investor interest in the Notes.

These senior secured notes will be issued at an issue price of 100.000% of principal, plus accrued interest from February 19, 2025. The issuance will take place pursuant to an indenture among Long Ridge Energy LLC, Long Ridge Energy Generation LLC, Ohio GasCo LLC, and U.S. Bank Trust Company, National Association. The offering is anticipated to conclude on February 19, 2025, contingent upon meeting customary closing conditions.

Interest on the Notes will be set at a rate of 8.750% per annum, payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2025. The Notes will mature on February 15, 2032.

Fully and unconditionally guaranteed by the Company and Subsidiary Guarantors, these Notes will be senior obligations secured by various properties and assets, ensuring the fulfillment of financial duties as outlined in the agreement.

Proceeds from the Notes issuance, combined with the new $400 million senior secured term loan, will be allocated towards retiring existing outstanding loans, funding reserve and capital accounts, addressing payment obligations, and managing associated costs. Any remaining proceeds post the fulfillment of outlined objectives will be channeled towards general corporate purposes.

The offering of the Notes is directed at qualified institutional buyers as per Rule 144A under the Securities Act of 1933 and Regulation S under the Securities Act, catering to investors both in and outside the United States.

This Current Report further accompanies a cautionary note on forward-looking statements, emphasizing the uncertainties and risks associated with future outcomes. Investors are advised to review FTAI Infrastructure’s filings with the SEC, understanding the factors that can potentially impact the company’s financial health and operations.

In conclusion, the successful pricing of the $600 million senior secured Notes Offering signifies a strategic move by FTAI Infrastructure’s subsidiary to secure necessary funding and support its long-term financial objectives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read FTAI Infrastructure’s 8K filing here.

FTAI Infrastructure Company Profile

FTAI Infrastructure Inc focuses on acquiring, developing, and operating assets and businesses that represent infrastructure for customers in the transportation, energy, and industrial products industries in North America. The company operates through five segments: Railroad, Jefferson Terminal, Repauno, Power and Gas, and Sustainability and Energy Transition.