Fortress Investment Group Amends Credit Agreement

NEW YORK (Reuters) – Fortress Investment Group (FIG.N) disclosed on Wednesday that a group of banks amended a credit agreement, allowing one of the world’s largest private equity and hedge fund firms to repurchase outstanding loans.

Fortress, which hosts its annual shareholder meeting Thursday, said a group of banks led by Bank of America Corp (BAC.N) and Citigroup Inc (C.N) on June 11 also amended terms under which Fortress can invest in its own funds.

Money put into a fund created after June 11 and that is more than 1.5 percent of a fund’s pooled capital, may not be taken out of the firm’s cash flow, according to a filing with the Securities and Exchange Commission.

The amended terms also expand the definition of permitted fund termination and revises certain financial covenants. (Reporting by Joseph A. Giannone; editing by Andre Grenon)