Focus Financial flexes $803 million term loan B to Libor plus 250 bps

By Sara Rosenberg

New York, June 27 – Focus Financial Partners LLC increased pricing on its $803 million covenant-light term loan B due July 2024 to Libor plus 250 basis points from Libor plus 225 bps, according to a market source.

As before, the term loan has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

The company also posted a slightly revised version of the amendment which allows for cashless roll into the term loan, the source said.

Earlier in syndication, the company cancelled plans for a $150 million delayed-draw for six months covenant-light term loan B and increased its revolving credit facility size to $650 million from $500 million.

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 on the deal.

Commitments are due at noon ET on Thursday, 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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