FTAI Aviation Ltd. current report, 06 February 2019

Business Context and Reporting Period

This Form 8-K was filed by Fortress Transportation and Infrastructure Investors LLC on February 6, 2019. The report details a private offering of senior notes. Note: While the request metadata references "FTAI Aviation Ltd.", the filing text explicitly identifies the registrant as "Fortress Transportation and Infrastructure Investors LLC."

Key Financial Metrics

  • Debt Issuance: $150.0 million aggregate principal amount of 6.75% senior notes due 2022.
  • Issue Price: 98.5% of principal, plus accrued interest from September 15, 2018.
  • Existing Debt: $550.0 million of 6.75% senior notes due 2022 were outstanding prior to this issuance.
  • Revenue/Profit/Cash Flow: The filing text does not provide a clear value for revenue, profit, cash flow, or margins.
  • Liquidity: The filing text does not provide a clear value for current liquidity ratios or cash balances.

Material Changes

The company upsized the private offering from an initially announced $100.0 million to $150.0 million. This transaction increases the total outstanding principal of the 6.75% senior notes due 2022 to $700.0 million upon closing.

Guidance, Outlook, and Risks

  • Use of Proceeds: Net proceeds are intended for general corporate purposes, specifically the repayment of outstanding revolving borrowings under the credit agreement dated June 16, 2017, and funding future investments, including aviation investments.
  • Offering Structure: Notes were offered to qualified institutional buyers under Rule 144A and to persons outside the U.S. under Regulation S. They are not registered under the Securities Act.
  • Risks: The filing includes standard forward-looking statement disclaimers, noting that actual results may differ materially due to risks related to operations, financial condition, and liquidity as detailed in the Company's Form 10-K and 10-Q filings.

Investor Verification Checklist

  • Verify the exact closing date and final net proceeds received after issuance costs.
  • Confirm the specific amount of revolving borrowings repaid with the proceeds.
  • Review the updated credit agreement terms following the repayment of revolving debt.
  • Check subsequent filings for details on the "aviation investments" funded by this offering.