Focus Financial cancels delayed-draw term loan, upsizes revolver

By Sara Rosenberg

New York, June 25 – Focus Financial Partners LLC eliminated the $150 million delayed-draw for six months covenant-light term loan B from its transaction and increased its revolving credit facility size to $650 million from $500 million, according to a market source.

As before, the company is also getting an $803 million covenant-light term loan B due July 2024 that is talked at Libor plus 225 basis points with a 0% Libor floor, a par issue price and 101 soft call protection for six months.

The delayed-draw term loan was talked at Libor plus 225 bps with a 0% Libor floor, an original issue discount of 99.75 to par and an undrawn fee of half the margin from days 46 to 90 and the full margin thereafter.

RBC Capital Markets is the left lead arranger on the deal.

Commitments continue to be due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance the company’s capital structure.

Stone Point Capital LLC and Kohlberg Kravis Roberts & Co. LP are the sponsors.

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

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