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FTAI Aviation (NASDAQ: FTAI) has announced a cash tender offer for up to $100 million aggregate principal amount of its outstanding 9.750% Senior Notes due 2027. The offer will expire on July 2, 2024, at 5:00 p.m. New York City time, unless extended or earlier terminated by FTAI , a subsidiary of the company.
Holders who tender their notes by June 14, 2024, will receive an early tender payment of $30 per $1,000 principal, in addition to the total consideration of $1,029.00 per $1,000 principal amount. Those who tender after this date will receive $999.00 per $1,000 principal amount. Accrued and unpaid interest will also be paid.
The tender offer is contingent upon the completion of a satisfactory debt financing. J.P. Morgan Securities is acting as the dealer manager, and D.F. King & Co., Inc. is the tender and information agent.
FTAI Aviation (NASDAQ: FTAI) has agreed to acquire Lockheed Martin Commercial Engine Solutions (LMCES) from Lockheed Martin Canada for $170 million. The deal, expected to close in the second half of 2024, is subject to regulatory approvals. LMCES operates a 526,000-square-foot aircraft engine maintenance facility in Montréal, focusing on CFM56 engine repairs. This acquisition will enhance FTAI’s Maintenance, Repair, and Exchange (MRE) business and establish permanent engine and module manufacturing capabilities in Canada. Currently serving over 50 airlines and lessors globally, FTAI aims to expand its module customer base and create a center of excellence for piece-part repairs. CEO Joe Adams highlighted the acquisition as a milestone for FTAI, emphasizing the value of the facility's technical expertise and quality.
FTAI Aviation announced the pricing of an underwritten public offering of 2,090,561 ordinary shares by FIG and an employee of FIG , generating gross proceeds of approximately $171.4 million.
The shares will be offered through Citigroup, the sole underwriter, on the Nasdaq Global Select Market and other venues.
The offering is expected to close on May 30, 2024, subject to customary conditions. FTAI Aviation will not receive any proceeds from the sale.
This offering follows the Company's effective shelf registration statement filed with the SEC, and prospective investors are encouraged to read the relevant documents on the SEC's website for complete information.
FTAI Aviation announced a secondary offering of 2,090,561 ordinary shares by FIG and an employee of FIG The shares will be sold through Citigroup, the sole underwriter, and will not generate proceeds for FTAI Aviation itself. The offering will occur on the Nasdaq Global Select Market and other venues, based on prevailing or negotiated prices. The company emphasizes the need for investors to review the prospectus and related documents filed with the SEC for detailed information. These documents are available on the SEC's website or through Citigroup's provided contact information.
FTAI Aviation announced the internalization of its management operations, effective May 28, 2024. The company terminated its Management and Advisory Agreement with FIG , agreeing to pay $150 million in cash and issue 1,866,949 ordinary shares to the Manager. This move is expected to result in initial annualized cost savings of $30 million, increasing over time. The senior leadership team will remain unchanged, and offers will be extended to certain employees of the Manager. A Transition Services Agreement will ensure continuity of services during the transition period.
