FTAI Aviation (FTAI) is offering a new fixed-rate reset preferred.
The preliminary prospectus is here.
FTAI has other preferreds outstanding which can be seen here.
The issue will be cumulative, but non qualified.
Fabrib and Landlord Investor were on top of this one and Jerrymac chimed in with ‘yield talk’ for the initial coupon of 9.5% area.
Users who liked this:
They released a PR saying the preferreds has priced but annoyingly didn’t say what the price was!!
Pricing sheet: https://www.sec.gov/Archives/edgar/data/1590364/000114036123010725/ny20008091x2_fwp.htm
I just do not need another preferred/baby bond I have to worry about. Pass.
I am waiting to see if we hit a new low in preferred/baby bond arena right now.
The last deal I can remember from Fortress was Florida Brightline (HI speed) train. They were…. GREEN BONDS…. Came out at 7 3/8% tax free. 4.1 discount to FACE.
I ve never heard of such a rate in muni land. Guess fortress didn’t get a lot of respect if they had to pay that much? 9.5 sounds relatively rich compared to that.
What do I know FTAI could be oversubscribed!
In looking at FTAI, keep in mind that they recently spun out their infer structure investments into a separate holding. As suc past numbers need to be adjusted to get a true picture. The aircraft maintenance element of the firm’s present activities will significantly strengthen their overall activity. sc