Fortress Investment launches $800 million term B at SOFR plus 300 bps

By Sara Rosenberg

New York, July 20 – Fortress Investment Group FinCo I LLC launched on Thursday its $800 million covenant-lite term loan B (Ba1/BB/BB) due June 2028 with price talk of SOFR plus 300 basis points with a 0% floor and an original issue discount of 99, according to a market source.

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

Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are the bookrunners on the deal.

Proceeds will be used to amend and extend by three years an existing $700 million term loan B and to fund future acquisitions.

Commitments from existing lenders are due at 5 p.m. ET on Wednesday, and commitments from new lenders are due at noon ET on July 31.

Fortress Investment is an alternative investment management firm.

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