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S&P rates Focus Financial loan B+
S&P said it rated Focus Financial Partners LLC’s planned first-lien term loan due in 2028 B+. The loan is expected to be $2.2 billion-$2.4 billion, subject to market conditions. The recovery rating is 3 (50%).
The ratings are in line with those on Focus’ outstanding senior secured term loans.
Focus is expected to use the loan to repay its $1.7 billion first-lien term loan B-5 (secured overnight financing rate + 325 bps), $500 million first-lien term loan B-6 (SOFR + 350 bps), the outstanding amount drawn on its $890 million capacity first-lien revolver ($50 million as of Sept. 30, 2023), and for general corporate purposes, including acquisitions.
The outlook is stable.
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