Fortress Transportation and Infrastructure closed a $75 million revolving credit facility with J.P. Morgan and Barclays serving as joint lead arrangers and joint bookrunners. JPMorgan will be the administrative agent and Barclays the syndication agent for the facility, which 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 LIBOR plus 3.00%. The facility is currently undrawn.

Concurrently, the company acquired Hannibal Development Partners for a purchase price of approximately $30 million.

“Hannibal, an approximately 1600-acre property, is strategically located on the Ohio River in Monroe County, OH 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.

Fortress Transportation and Infrastructure Investors owns and acquires high-quality infrastructure and equipment that is essential for the transportation of goods and people globally.