Fortress Provides Fla. Auto Biz With Up To $150M Loan
By Benjamin Horney (July 8, 2019, 1:08 PM EDT) -- An affiliate of private equity firm Fortress Investment Group LLC agreed Monday to provide a line of credit worth up to $150 million to Platinum Auto of Tampa Bay that will be used for multiple purposes, including to refinance existing debt and acquire secondary portfolios from other auto lenders.
The senior secured credit facility is initially worth $100 million, but can be upped to $150 million due to an accordion feature included in the agreement, according to a statement. The specifics of how and when the loan can be increased were not disclosed. The Fortress Investment affiliate is administering the credit...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!