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...

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