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Fortress Agents $50MM Facility With Tiptree Financial

September 19, 2013, 07:21 AM
Filed Under: Lender Finance

Tiptree Financial Inc. announced the closing of a $50 million senior secured credit facility between its operating subsidiary Tiptree Operating Company, LLC and Fortress Credit Corp. as administrative agent and lead arranger.

The credit facility has a term of five years and includes a $125 million accordion feature allowing Tiptree to increase total borrowing capacity to $175 million, subject to certain approvals. The new facility will be used for general corporate purposes.

Geoffrey Kauffman, President & CEO of Tiptree stated, "We are pleased to have partnered with Fortress on this transaction.  The Fortress facility increases Tiptree's liquidity and capital flexibility for future acquisitions and incremental investments in our subsidiaries."

Tiptree is a diversified holding company. Through its operating subsidiary, Tiptree Operating Company, LLC, Tiptree's primary focus is on four sectors of financial services: insurance and insurance services, real estate, asset management and specialty finance (including corporate, consumer and tax-exempt credit).

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