Jet engine business FTAI Aviation has announced a registered underwritten public offering, giving details of a fixed-rate reset series D cumulative perpetual redeemable preferred shares with a liquidation preference of $25 per share.
FTAI said it "intends to apply to list the preferred shares on the Nasdaq Global Select Market and expects to grant to the underwriters a 30-day option to purchase up to an additional 15% of the preferred shares being offered to cover any over-allotments.
FTAI said it plans to use the net proceeds from the sale of the shares "for general corporate purposes".
Morgan Stanley, Citigroup, J.P. Morgan, Stifel, RBC and UBS Investment Bank are acting as joint book-running managers for the proposed offering.
FTAI recently reported revenue of almost three-quarters of a million dollars in 2022 when it nonetheless was hit by a $137.8 million loss.