Fortress Investment lifts term B to $850 million, revises OID to 99.5

By Sara Rosenberg

New York, July 31 – Fortress Investment Group FinCo I LLC upsized its covenant-lite term loan B (Ba1/BB/BB) to $850 million from $800 million and tightened the original issue discount to 99.5 from 99, according to a market source.

Also, the maturity date on the term loan was changed to June 2029 from June 2028, the source said.

Pricing on the term loan remained at SOFR plus 300 basis points with a 0% floor.

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

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

Recommitments were scheduled to be due at 11 a.m. ET on Monday, the source added.

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

Fortress Investment is an alternative investment management firm.

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