Focus Financial launches $375 million add-on loan at 99.75-par OID

By Sara Rosenberg

New York, Jan. 19 – Focus Financial Partners Inc. held a lender call at 2 p.m. ET on Tuesday to launch a fungible $375 million add-on first-lien term loan that is talked with an original issue discount of 99.75 to par, according to a market source.

Pricing on the add-on term loan is Libor plus 200 basis points with a 0% Libor floor.

The add-on term loan is getting 101 soft call protection for six months, the source said.

RBC Capital Markets and Stone Point Capital Markets are the lead arrangers on the deal.

Commitments are due at 3 p.m. ET on Wednesday, the source added.

Proceeds will be used to repay outstanding borrowings under the company’s revolving credit facility.

Closing is expected this month.

As of Dec. 31, the company had $1.13 billion outstanding under its term loan and $380 million outstanding under its revolver.

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

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