AssetMark enters new $250 million credit agreement with six banks

By Taylor Fox

New York, Jan. 4 – AssetMark Financial Holdings, Inc. entered into a new credit agreement with six banks including Bank of Montreal as administrative agent, according to a news release.

The credit agreement provides a $250 million secured revolving credit facility with a four-year maturity.

Interest will be based on Libor plus an applicable margin tied to the company’s total leverage ratio. At the initial funding levels, the interest rate will be Libor plus 200 basis points.

BMO Capital Markets Corp., JPMorgan Chase Bank, NA, U.S. Bank NA and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners.

AssetMark will draw down $75 million on the new credit facility and use those funds plus cash to retire its $124 million existing term loan, which had a rate of Libor plus 300 bps.

AssetMark is a Concord, Calif.-based provider of wealth management and technology services.

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