Funds managed by Oaktree Capital Management provided senior secured term loan to Fortress Biotech on August 27. The proceeds were used to refinance Fortress’s existing indebtedness and for other corporate purposes. As part of the transaction, Fortress issued warrants to Oaktree to purchase shares of Fortress’s common stock, representing 1.75 percent of Fortress’s fully diluted market capitalization.
Oaktree is a leading global alternative investment management firm. Fortress focuses on acquiring, developing and commercializing promising biopharmaceutical products and product candidates.
The S&C team advising Oaktree was led by Ari Blaut. Ron Creamer advised on tax matters. Saul Brander advised on tax and ERISA matters.