NEW YORK, June 19, 2017 (GLOBE NEWSWIRE) -- On Friday, June 16, 2017, Fortress Transportation and Infrastructure LLC (NYSE:FTAI), completed the acquisition of substantially all the assets of Hannibal Development Partners. (“Hannibal”). The purchase price was approximately $30 million.
“Hannibal, an approximately 1600-acre property, is strategically located on the Ohio River in Monroe County, Ohio in the heart of the Marcellus/Utica region. Like our other port and terminal assets, Jefferson and Repauno, Hannibal offers multiple logistics options including rail, truck and water and is located in a region with an abundance of low-cost gas. FTAI is currently exploring a number of development options at Hannibal, including a combined cycle gas turbine electricity power generation plant and natural gas liquids storage, distribution and processing,” said Joe Adams, FTAI’s CEO.
FTAI also entered into a $75 million revolving credit facility with J.P. Morgan and Barclays serving as joint lead arrangers and joint bookrunners. J.P. Morgan will be the administrative agent and Barclays the syndication agent. The facility will be used for general corporate purposes including the funding of additional investments. The facility matures in June of 2020 and bears interest at a variable rate on any drawn balance at the London Interbank Offering Rate (LIBOR) plus 3.00%. The facility is currently undrawn.
About Fortress Transportation and Infrastructure Investors LLC
Fortress Transportation and Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to development options at Hannibal and any use of proceeds from FTAI’s revolving credit facility. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftandi.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.