Daily News: September 19, 2013

Fortress Agents Tiptree Credit Facility

Tiptree Financial announced the closing of a $50 million senior secured credit facility between its operating subsidiary, Tiptree Operating Company, and Fortress Credit 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.”

A diversified holding company, Tiptree, through its operating subsidiary, Tiptree Operating Company, focuses on four sectors of financial services: insurance and insurance services, real estate, asset management and specialty finance (including corporate, consumer and tax-exempt credit).