Tiptree borrows $50 million under agreement, $125 million available

By Tali David

Minneapolis, Sept. 20 - Tiptree Financial Inc. operating subsidiary Tiptree Operating Co. entered into a credit agreement on Sept. 18 and borrowed an initial $50 million, according to an 8-K filed with the Securities and Exchange Commission.

The agreement also includes an option for Tiptree Operating to borrow additional amounts up to $125 million. The credit agreement matures on Sept. 18, 2018.

Fortress Credit Corp. is the administrative agent, collateral agent and lead arranger.

Loans under the agreement bear interest at Libor plus 650 basis points, subject to a 1.25% Libor floor. The principal amounts of the loans are to be repaid in consecutive quarterly installments that may be adjusted based on the net leverage ratio at the end of each fiscal quarter.

Tiptree is a New York-based company that provides insurance and insurance services, real estate, asset management and specialty finance services.

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