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S&P rates Focus Financial loan BB-
S&P Global Ratings today said it rated Focus Financial Partners LLC's planned $2 billion first-lien term loan, including a $350 million delayed draw, that will mature in 2028 BB- with a 3 (50%) recovery rating. Focus also extended the maturity of its $650 million revolver to five years from closing.
The ratings are the same as S&P’s on Focus’ outstanding bank debt.
Focus is expected to use the proceeds to repay its $1.6 billion first-lien term loan (tranche A) due 2024 and the outstanding amount drawn on its first-lien revolver, and for general corporate purposes including acquisitions.
The outlook is stable.
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