Fortress Investment to refinance two tranches of fixed-rate notes from 2018 middle-market CLO

By Cristal Cody

Tupelo, Miss., Aug. 11 – Fortress Investment Group LLC affiliate FCOD CLO Management LLC plans to refinance two tranches of fixed-rate notes due April 15, 2031 from a vintage 2018 middle-market collateralized loan obligation transaction, according to a notice of proposed supplemental indenture on Monday.

Fortress Credit Opportunities XI CLO Ltd./Fortress Credit Opportunities XI CLO LLC intends to price class A-1F-R senior secured fixed-rate notes (expected ratings Aaa/AAA) and class B-F-R senior secured fixed-rate notes (expected rating AA).

The original $30 million of 4.03% class A-1F notes and $13.9 million of 4.45% class B-F notes were issued April 16, 2018.

Natixis Securities America LLC is the refinancing placement agent.

Proceeds will be used to redeem the original notes on Aug. 31.

The CLO is backed primarily by middle-market senior secured corporate loans.

Fortress Investment Group is based in New York.

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