In what seems like a rush to sell new preferreds and baby bonds before interest rates move higher Fortress Transportation and Infrastructure (FTAI) has announced they will be selling a fixed-rate reset preferred.
The distributions will be cumulative but not qualified for preferential tax treatment as they are a LLC.
FTAI intends to use the proceeds for ‘general corporate purposes’.
The company has a couple other issues currently outstanding which you can see here. Both issues are high yield fixed-to-floating rate.
The preliminary prospectus can be read here.
EarlyBird was early on this one.