Focus lifts term B to $1.75 billion, cuts term A to $250 million

By Sara Rosenberg

New York, Nov. 16 – Focus Financial Partners LLC upsized its term loan B due June 30, 2028 to $1.75 billion from $1.65 billion and downsized its delayed-draw term loan A to $250 million from $350 million, according to a market source.

In addition, the original issue discount on the term loan B was set at 98, the tight end of the 97 to 98 talk, the source said.

Pricing on the term loan B remained at SOFR plus 325 basis points with a 0.5% floor.

The term loan B still has 101 soft call protection for six months and no CSA.

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 (Ba3/BB-).

Commitments are due at noon ET on Thursday, accelerated from noon ET on Monday, the source added.

Proceeds will be used to refinance existing debt, including an existing first-lien term loan, and for general corporate purposes, which may include acquisitions.

The company is also extending its $650 million revolving credit facility from June 2024.

Focus is a New York-based partnership of independent, fiduciary wealth management firms operating in the registered investment advisor industry.

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