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Focus Financial launches $1.65 billion term B at SOFR plus 325 bps
By Sara Rosenberg
New York, Nov. 14 – Focus Financial Partners LLC held a lender call at 10 a.m. ET on Monday to launch a $1.65 billion term loan B due June 30, 2028 that is talked at SOFR plus 325 basis points with a 0.5% floor and an original issue discount of 97 to 98, according to a market source.
The term loan B has 101 soft call protection for six months and no CSA, the source said.
RBC Capital Markets, Stone Point Capital Markets, BMO Capital Markets, Truist, BofA Securities Inc., Capital One, Fifth Third, MUFG, Citizens, Huntington and others to be named are the joint lead arrangers on the deal.
Commitments are due at noon ET on Nov. 21, the source added.
The company is also getting a $350 million delayed-draw term loan A.
In addition, the company is extending its $650 million revolving credit facility from June 2024.
Proceeds will be used to refinance existing debt, including an existing first-lien term loan, and for general corporate purposes, which may include acquisitions.
Focus is a New York-based partnership of independent, fiduciary wealth management firms operating in the registered investment advisor industry.
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