Fortress Closes a New Credit Agreement
Company Release - 10/7/2010 5:00 PM EDT
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) today announced that it has executed a new credit agreement, including a $280 million term loan and a $60 million revolving credit facility. All amounts borrowed under the Company’s previous credit agreement have been repaid in full. The new agreement extends the maturity of Fortress’s outstanding corporate term debt obligations from May 2012 to October 2015. The new term loan will bear an interest rate of LIBOR plus 400 basis points and is subject to certain rate adjustments as set forth in the new credit agreement. Consistent with the Company’s goal of lowering leverage, Fortress expects to reduce its total debt obligations from $356 million at June 30, 2010 to approximately $280 million by October 31, 2010. The new credit facilities are rated BBB and BBB- from Fitch and S&P, respectively. For further detail about the transaction, please see the Current Report on Form 8-K, which will be filed with the S.E.C.
Fortress is a leading global investment manager with approximately $41.7 billion in assets under management as of June 30, 2010. Fortress offers alternative and traditional investment products and was founded in 1998. For more information regarding Fortress Investment Group LLC or to be added to our e-mail distribution list, please visit www.fortress.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the expected reduction of corporate debt obligations. We refer you to our discussion under "Risk Factors" in Fortress’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each of which is available on the Company’s website (www.fortress.com). Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.
Source: Fortress Investment Group LLCContact:
Fortress Investment Group LLC
Lilly H. Donohue, +1-212-798-6118
Gordon E. Runté, +1-212-798-6082