On June 20, 2024, certain subsidiaries within the Jefferson Terminal segment of FTAI Infrastructure Inc., and the Port of Beaumont Navigation District of Jefferson County, Texas, completed their previously announced offering of $164,425,000 principal amount of Series 2024A Dock and Wharf Facility Revenue Bonds and $217,870,000 principal amount of Taxable Series 2024B Facility Revenue Bonds. The Series 2024A Bonds consist of: $67,570,000 principal amount of Term Bonds maturing on January 1, 2039, and bearing interest at a fixed rate of 5.000% per annum, $44,800,000 principal amount of Term Bonds maturing on January 1, 2044, and bearing interest at a fixed rate of 5.125% per annum, and $52,055,000 principal amount of Term Bonds maturing on January 1, 2054, and bearing interest at a fixed rate of 5.250% per annum. The Taxable Series 2024B Bonds will mature on July 1, 2026, and bear interest at a fixed rate of 10.000% per annum.

The Series 2024 Bonds are special, limited obligations of the Port, and are secured solely by the trust estate and the collateral pledged therefor. The only sources of repayment of the Series 2024 Bonds are payments provided by Jefferson to the Port, including pursuant to the Senior Loan Agreement and the Facilities Lease described below, and the security interest in the trust estate and the collateral. In connection with the Closing, Jefferson entered into a Second Amended and Restated Senior Loan Agreement with the Port, dated as of June 1, 2024 and effective as of June 20, 2024, pursuant to which the Port will loan funds to Jefferson that will be used to pay or reimburse Jefferson for the cost of the Taxable Series 2024B Project (as defined therein).

Jefferson will pay or cause to be paid to the trustee of the Series 2024B Bonds (the ? Trustee?) amounts sufficient to pay, when due, the principal of, interest on, premium, if any, or redemption price of the Taxable Series 2024B Bonds, and other amounts required by the indenture governing the Series 2024 Bonds (as amended and supplemented from time to time, the ? Indenture?) or the Senior Loan Agreement.

Pursuant to the Senior Loan Agreement, Jefferson is required to comply with various covenants, such as limitations on the ability to incur additional indebtedness, to make investments and to incur liens, in each case subject to certain exceptions set forth in the Senior Loan Agreement.