Fortress Investment Group launches $440 million credit facility

By Sara Rosenberg

New York, Sept. 13 - Fortress Investment Group LLC held a bank meeting on Monday to launch its proposed $440 million credit facility, according to a market source.

Bank of America is the lead bank on the deal.

The facility consists of a $100 million revolver and a $340 million term loan, the source said.

Price talk on the term loan is Libor plus 400 basis points with a 1.75% floor, and it is being offered at par.

The term loan is non-callable for two years, then at 101 in years three and four, the source added.

Proceeds will be used to refinance existing debt.

Fortress is a New York-based investment management firm.

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