- Focus Financial Partners (NASDAQ:FOCS +0.1%) increased the offering under its First Lien Term Loan by $125M, from the $375M announced earlier this week, to $500M.
- On closure, Focus' Term Loan balance will be ~$1.63B, vs. ~$1.13B as of Dec. 31, 2020.
- Annual interest rate on the Term Loan will remain unchanged at LIBOR + 200 basis points.
- The $500M transaction priced at 99.875 is expected to close by the January; Focus will use the proceeds to repay outstandings under its $650M First Lien Revolver as well as for future acquisitions to expand its partnership.
- "We were very pleased with our M&A momentum in 2020, which we believe will accelerate in 2021. As always, we remain committed to prudently managing our balance sheet and to our targeted net leverage ratio range of 3.5x - 4.5x," CFO Jim Shanahan commented.