FTAI’s Fixed‑to‑Floating Rate Series A and Series B Preferred Shares ATM Program

Cravath represented Fortress Transportation and Infrastructure Investors LLC (“FTAI”) in connection with its establishment of an at-the-market program of fixed‑to‑floating rate series A and series B cumulative perpetual redeemable preferred shares totaling up to $100 million. FTAI, which is externally managed by an affiliate of Fortress Investment Group LLC, owns and acquires high quality infrastructure and related equipment that is essential for the transportation of goods and people globally. The transaction closed on June 30, 2020.

The Cravath team included senior attorney Brittain A. Rogers and associates Matthew G. Jones, Andrew D. Norwich and Eric S. Goodwin on capital markets matters, and partner Christopher K. Fargo, senior attorney Andrew Carlon and associate Kyle R. Jorstad on tax matters.