FTAI Infrastructure (FIP), a company that invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, as well as power and gas sectors, has plans to purchase The Wheeling Corp., the owner of the Wheeling & Lake Erie Railway Co. (W&LE), for a cash consideration of $1.05 billion. The seller is an entity controlled by Larry Parsons, the CEO of The Wheeling Corp.
The W&LE is a Class II regional freight railroad serving more than 250 customers along more than 1,000 miles of track in the states of Ohio, Pennsylvania, West Virginia and Maryland. The W&LE connects to Transtar’s Union Railroad Co. outside of Pittsburgh.
With the closing of the acquisition, FIP plans to refinance its existing 10.5 percent senior notes and Series A preferred stock. The company has received $2.25 billion of total capital commitments, including $1.25 billion of new debt to be issued by the company and $1 billion of preferred stock to be pur
