UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 29, 2023
(Exact name of registrant as specified in its charter)
|
|
|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
(Address of principal executive offices) (Zip Code)
(212 ) 798-6100
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to section 12(b) of the Act:
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 8.01 |
Other Events
|
On June 29, 2023, FTAI Infrastructure Inc., a Delaware corporation (the “Company”), announced the pricing of its private offering of $100 million aggregate principal amount of
10.500% senior secured notes due 2027 (the “Additional Notes”). The Additional Notes will be issued at an issue price equal to 95.50% of principal, plus accrued interest from and including June 1, 2023. The Additional Notes are being
offered as an additional issuance of the Company’s existing $500.0 million aggregate principal amount of 10.500% senior secured notes due 2027, initially issued on July 7, 2022 and July 25, 2022 (the “Existing Notes”). The Additional Notes
will be issued under the same indenture as the Existing Notes, will be treated as a single class of debt securities with the Existing Notes and have the same terms, other than the issue date and offering price. Like the Existing Notes, the
Additional Notes are fully and unconditionally guaranteed on a senior basis by certain of the Company’s subsidiaries. The offering of the Additional Notes is expected to close on July 5, 2023, subject to satisfaction of customary closing
conditions.
The Company intends to use the net proceeds from the offering to repay the amount outstanding under the Transtar revolver and bridge loan credit
agreement and the commitments thereunder will be terminated in connection with the closing of the offering. The Company intends to use the remainder of net proceeds for general corporate purposes.
The Additional Notes were offered in the United States to persons reasonably believed to be qualified institutional buyers under Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside of the United States under Regulation S under the Securities Act. The Additional Notes will not be
registered under the Securities Act or any state securities laws, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The information in this Form 8-K filed pursuant to Item 8.01 does not constitute an offer to sell or a solicitation of an offer to buy the
securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any
such jurisdiction.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this Form 8-K may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, statements regarding the issuance of Additional Notes and related use of proceeds. 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 Form 8-K. 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 most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are
available on the Company’s website (www.fipinc.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 Form 8-K. 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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
|
FTAI INFRASTRUCTURE INC.
|
||
|
By:
|
/s/ Kenneth J. Nicholson
|
|
|
Name:
|
Kenneth J. Nicholson
|
|
|
Title:
|
Chief Executive Officer and President
|
|
| Date: June 29, 2023 | ||