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Fortress firms $950 million term loan B at Libor plus 250 bps
By Sara Rosenberg
New York, Sept. 21 – Fortress Investment Group FinCo I LLC finalized pricing on its $950 million covenant-lite term loan B (Baa3) due June 27, 2025 at Libor plus 250 basis points, the low end of the Libor plus 250 bps to 275 bps talk, according to a market source.
Also, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
Deutsche Bank Securities Inc. and Mizuho are the bookrunners on the deal.
Recommitments were scheduled to be due at noon ET on Monday, the source added.
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.
Fortress Investment is an alternative investment management firm.
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