Fortress Investment trims bank deal to $340 million from $440 million

By Paul A. Harris

St. Louis, Sept. 30 - Fortress Investment Group LLC downsized its credit facility to $340 million from $440 million, reducing the sizes of both the term loan and the revolver, according to market sources.

The $100 million downsizing takes the term loan down to $280 million from $340 million and trims the size of the revolver to $60 million from $100 million.

Price talk on the term loan remains at Libor plus 400 basis points with a 1.75% floor, and it is being offered at par.

The term loan is non-callable for two years, after which it becomes callable at 101.

Bank of America is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Fortress is a New York-based investment management firm.

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