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. 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.