Advisor Group upsizes unsecured bridge loan backing Reverence Capital buyout to $400 million

By Paul A. Harris and Sara Rosenberg

Portland, Ore., July 11 – Advisor Group Inc. upsized its senior unsecured bridge loan to $400 million from $350 million, according to a market source.

Goldman Sachs is leading the bridge, the source said.

With the upsize of the bridge, the concurrent first-lien loan was downsized to $1.2 billion from $1.25 billion.

The unsecured bridge and the first-lien loan are part of the financing backing the buyout of 75% of the company by Reverence Capital Partners.

The first lien loan was scheduled to launch at a Thursday bank meeting.

The financing also features a $225 million revolver.

Following Reverence Capital's acquisition of the 75% stake in Advisor Group, Lightyear Capital and PSP Investments are expected to maintain up to a 25% stake in the company.

The deal is expected to close in the third quarter.

Advisor Group is a Phoenix-based wealth management platform, which supports over 7,000 financial advisers with $268 billion of client assets.

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