Latest news with #LarryParsons
Yahoo
3 days ago
- Business
- Yahoo
FTAI Infrastructure to buy Wheeling & Lake Erie Railway for $1.05bn
FTAI Infrastructure has agreed to acquire The Wheeling Corporation, which owns the Wheeling & Lake Erie Railway Company (W&LE), for $1.05bn in cash. The Wheeling Corporation is being bought from an entity controlled by Larry Parsons, who is the CEO of The Wheeling Corporation. The W&LE operates as a Class II regional freight railroad, serving over 250 customers along more than 1,000 miles of track in Ohio, Pennsylvania, West Virginia, and Maryland. It connects to Transtar's Union Railroad outside of Pittsburgh, Pennsylvania. Concurrently with the finalisation of the acquisition, FTAI intends to refinance its existing 10.50% senior notes and Series A preferred stock. FTAI has secured commitments for $2.25bn in total capital, which includes $1.25bn in new debt and $1bn in preferred stock to be bought by Ares Management funds and issued through a newly established holding company that will own the merged Transtar and W&LE operations. FTAI CEO Ken Nicholson said: 'Growing our freight rail platform has been a key focus for FTAI, and we are thrilled to have this opportunity to combine with the W&LE. 'We believe the W&LE is an excellent candidate for a combination with Transtar, adding scale, diversification and network reach. 'Together, Transtar and the W&LE have identified several growth opportunities and operating efficiencies that we expect to drive substantial growth in revenue and EBITDA.' The transaction is anticipated to close into a voting trust according to the rules set by the US Surface Transportation Board, in the third quarter of this year, pending the fulfilment of standard closing conditions. FTAI expects to assume control of the W&LE once STB approval is granted, making W&LE an affiliate of Transtar. Barclays and Deutsche Bank offered debt commitments and financial advisory services to FIP, while Sidley Austin and Skadden, Arps, Slate, Meagher & Flom served as legal advisors to the company. Calfee, Halter & Griswold and Fletcher & Sippel provided legal counsel to W&LE. "FTAI Infrastructure to buy Wheeling & Lake Erie Railway for $1.05bn" was originally created and published by Railway Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
5 days ago
- Business
- Reuters
FTAI Infrastructure to buy The Wheeling Corp for $1.05 billion
Aug 6 (Reuters) - Logistics infrastructure developer FTAI Infrastructure (FIP.O), opens new tab said on Wednesday it had agreed to buy The Wheeling Corporation for $1.05 billion to expand its freight rail platform. New York-based FTAI Infrastructure will purchase The Wheeling from an entity controlled by the latter's chief executive officer, Larry Parsons. The logistics company also said it plans to refinance its existing 10.50% senior notes and Series A preferred stock, with the closing of the transaction, and has received $2.25 billion of total capital commitments. FTAI Infrastructure acquires, develops and operates assets and businesses for infrastructure, catering to the transportation, energy and industrial products end-markets. Its acquisition of The Wheeling Corporation, which owns railroad operator Wheeling & Lake Erie Railway Company, is expected to be completed in the third quarter of 2025.
Yahoo
5 days ago
- Business
- Yahoo
Infrastructure fund pays $1B to acquire largest US regional railroad
The Wheeling & Lake Erie Railway — at 840 miles the largest independent regional railroad in the U.S. — is being acquired by FTAI Infrastructure in a billion-dollar deal, the companies announced today. FTAI ( NYSE: FIP), which owns short line and terminal switching operator Transtar, will pay The Wheeling Corp. $1.05 billion to acquire the regional railroad created from lines that Norfolk Southern spun off in 1990. FTAI is managed by an affiliate of Fortress Investment Group. The Class II W&LE serves more than 250 customers in Ohio, Pennsylvania, West Virginia, and Maryland. The W&LE connects to Transtar's Union Railroad in the Pittsburgh area. 'Growing our freight rail platform has been a key focus for FIP, and we are thrilled to have this opportunity to combine with the W&LE,' FTAI Chief Executive Ken Nicholson said in a statement. 'We believe the W&LE is an excellent candidate for a combination with Transtar, adding scale, diversification, and network reach. Together, Transtar and the W&LE have identified several growth opportunities and operating efficiencies that we expect to drive substantial growth.' Since 1992, Wheeling Corp. CEO Larry Parsons has been the driving force behind the rebirth of the W&LE. He guided the railroad through a period of extraordinary change and transformed a coal-dependent line into a modern, customer-focused regional railroad, FTAI said. 'His leadership has left an indelible mark on the company and the communities it serves. In seeking a long-term partner to carry this legacy forward, Mr. Parsons chose FTAI Infrastructure Inc. and Transtar, whose values and operational excellence reflect the foundation he spent a lifetime building,' FTAI said. The railroad carries more than 140,000 carloads per year, interchanges with three Class I railroads and 16 regional and short line railroads, and employs more than 425 people. W&LE currently handles steel and raw materials to and from five different mills; aggregates from three different quarries; chemicals; industrial minerals, including frac sand; plastic products; grain and food products; lumber; paper; and petroleum products, including LPG and NGL produced in the Marcellus and Utica shale formations. The transaction is expected to close into a voting trust in the third quarter of 2025, subject to customary closing conditions. FTAI said it expects to gain control of the W&LE upon receipt of approval by the Surface Transportation Board, at which time the W&LE will be an affiliate of Transtar. Pittsburgh-based Transtar operates former U.S. Steel properties, including The Union Railroad; the East Ohio Valley Railway; The Lake Terminal Railroad in Lorain, Ohio; the Delray Connecting Railroad in the Detroit area; The Gary Railway in Indiana; The Fairfield Southern in Alabama; and the Texas & Northern. In May 1990, Wheeling Acquisition Corp. paid Norfolk Southern $40 million for 446 miles of track that became the core of today's W&LE. NS simultaneously leased the new railroad an additional 121 miles of track. Subscribe to FreightWaves' Rail e-newsletter and get the latest insights on rail freight right in your inbox. Find more articles by Stuart Chirls here. Efficiencies, demand aid Freightcar America earnings Rail merger will bring 'dismal service,' 'high rates', says shippers group UP-NS merger puts intermodal giants on the wrong side of the map Hub Group is fully behind a potential UP-NS transcontinental railroad creation The post Infrastructure fund pays $1B to acquire largest US regional railroad appeared first on FreightWaves.
Yahoo
5 days ago
- Business
- Yahoo
FTAI Infrastructure to buy The Wheeling Corp for $1.05 billion
(Reuters) -Logistics infrastructure developer FTAI Infrastructure said on Wednesday it had agreed to buy The Wheeling Corporation for $1.05 billion to expand its freight rail platform. New York-based FTAI Infrastructure will purchase The Wheeling from an entity controlled by the latter's chief executive officer, Larry Parsons. The logistics company also said it plans to refinance its existing 10.50% senior notes and Series A preferred stock, with the closing of the transaction, and has received $2.25 billion of total capital commitments. FTAI Infrastructure acquires, develops and operates assets and businesses for infrastructure, catering to the transportation, energy and industrial products end-markets. Its acquisition of The Wheeling Corporation, which owns railroad operator Wheeling & Lake Erie Railway Company, is expected to be completed in the third quarter of 2025. Sign in to access your portfolio
Yahoo
28-04-2025
- General
- Yahoo
Big Capper Foundation Announcement
TOPEKA (KSNT) – On Friday, April 25, The Capper Foundation unvield a huge gift. Larry Parsons from Canton, Ohio, donated $1,000,000 to the Capper Foundation to empower people of all ages living with disabilities. You might be wondering what Parsons' connection to the Capper Foundation in Topeka is. He is the uncle of a remarkable cooking class instructor for the Capper Foundation, Carol Hamilton. The donation money went towards a huge new training kitchen, which has been named 'The Carol Hamilton Training Kitchen'. You may remember Hamilton from one of our Remarkable Women stories. 27 News spoke with Hamilton to ask her about all the emotions she is feeling. Baseball-sized hail, tornadoes possible in NE Kansas 'Today was just once again overwhelming,' Hamilton told us. 'I had two surprises. My son from Oregon, who I thought I was going to see on a video or something, and then my granddaughter from Baltimore. And they were hidden when I first came in. And yeah, that was a dear moment.' Hamilton teaches cooking classes at the Capper Foundation, and she is looking forward to visiting this new kitchen. The training kitchen will provide adults with disabilities the opportunity to learn baking and culinary skills and to support the production of baked items for the growing number of Dialogue Coffee House locations. For more Kansas news, click here. Keep up with the latest breaking news in northeast Kansas by downloading our mobile app and by signing up for our news email alerts. Sign up for our Storm Track Weather app by clicking here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
