Fortress Investment to price $409 million of notes due 2026 in Fortress Credit BSL III deal

By Cristal Cody

Tupelo, Miss., Sept. 28 – Fortress Investment Group LLC plans to price $409 million of notes due Oct. 28, 2026 in the Fortress Credit BSL III Ltd./Fortress Credit BSL III LLC collateralized loan obligation transaction, according to a market source.

The deal includes $249.5 million of class A floating-rate notes (Aaa/AAA); $25 million of class B-1 floating-rate notes (/AA); $20 million of class B-2 fixed-rate notes (/AA); $35 million of class C deferrable floating-rate notes (/A); $22 million of class D deferrable floating-rate notes (/BBB); $15.5 million of class E deferrable floating-rate notes (/BB) and $42 million of subordinated notes.

Mitsubishi UFJ Securities (USA) Inc. is the deal arranger.

The CLO manager is FC BSL III CM LLC, which will enter into a services agreement with Drawbridge Special Opportunities Advisors LLC, a subsidiary of Fortress Credit affiliate FIG LLC.

The CLO has a non-call period that ends Oct. 18, 2017. The reinvestment period is set to end Oct. 18. 2019.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

Fortress Investment has priced two CLO transactions and refinanced two vintage 2012 deals year to date.

The New York City-based investment firm brought to market two CLOs in 2014.

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