Focus Financial increases add-on term loan B amount to $350 million

By Sara Rosenberg

New York, July 24 – Focus Financial Partners Inc. upsized its fungible add-on term loan B to $350 million from $300 million, according to a market source.

Pricing on the add-on term loan is Libor plus 250 basis points with a 0% Libor floor and an original issue discount of 99.75.

The add-on term loan has 101 soft call protection for six months.

Earlier in syndication, the discount on the term loan firmed at the tight end of the 99.5 to 99.75 talk.

RBC Capital Markets, BMO Capital Markets, BofA Securities Inc., SunTrust Robinson Humphrey Inc., Capital One, KKR Capital Markets, Fifth Third, Goldman Sachs Bank USA, MUFG and Regions Bank are the joint lead arrangers on the deal.

Proceeds will be used to repay revolving credit facility borrowings, and the funds from the upsizing will be used for general corporate purposes.

The upsize is net leverage neutral, the source added.

Closing is expected this month.

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

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