Fortress launches $950 million term loan B at Libor plus 250-275 bps

By Sara Rosenberg

New York, Sept. 15 – Fortress Investment Group FinCo I LLC launched on Tuesday its $950 million covenant-lite term loan B due June 27, 2025 with price talk of Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Deutsche Bank Securities Inc. and Mizuho are the bookrunners on the deal.

Proceeds will be used to amend and extend from December 2022 an existing term loan B.

With this transaction, roughly $100 million of the existing $1.046 billion term loan B will be paid down.

Commitments from new and existing lenders are due at 4 p.m. ET on Friday.

Fortress Investment is an alternative investment management firm.

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