Focus Financial talks $755 million term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, May 9 – Focus Financial Partners launched on Tuesday its $755 million seven-year covenant-light first-lien term loan with price talk of Libor plus 350 basis points to 375 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The first-lien term loan includes 101 soft call protection for six months, the source said.

RBC Capital Markets and SunTrust Robinson Humphrey Inc. are the leads on the deal.

Commitments are due on May 19, the source continued.

Proceeds will be used to help fund the acquisition of a majority stake in the company by an investor group led by Stone Point Capital and KKR from Centerbridge Partners, Summit Partners and Polaris Partners.

The transaction values Focus Financial at about $2 billion.

A $207 million eight-year covenant-light second-lien term loan for the transaction has been privately placed at pricing of Libor plus 750 bps with a 0% Libor floor and an original issue discount of 99, the source added.

The second-lien term loan includes call protection of 102 in year one and 101 in year two.

Focus Financial is a New York-based partnership of independent, fiduciary wealth-management firms.

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