Fortress Investment subsidiary enters five-year $275 million revolver

By Wendy Van Sickle

Columbus, Ohio, Jan. 19 – Fortress Investment Group LLC subsidiary FIG LLC entered into a new five-year $275 million senior unsecured revolving credit facility on Thursday and terminated its previous $150 million revolver, according to an 8-K filed with the Securities and Exchange Commission.

The new revolver has a $15 million letter of credit sub-facility.

Initial interest it Libor plus 175 basis points, but the margin varies depending on FIG’ credit rating as does the commitment fee, which is initially 25 bps.

The credit agreement matures in January 2021.

Among other requirements, FIG must maintain a maximum consolidated leverage ratio of 2.5 times and a minimum consolidated interest coverage ratio of 4 times.

The investment firm is based in New York City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.