Focus Financial Partners Announces Launch of Credit Facility Refinancing Reaffirms 3.5x to 4.5x Net Leverage Ratio Target
Focus Financial Partners Inc. (NASDAQ:FOCS) has announced a new credit facility aimed at refinancing its existing First Lien Term Loan and Revolver, which are due in 2024. The company may also raise additional debt for general corporate purposes. This transaction is expected to close in Q4 2022. Focus reaffirms its net leverage ratio target of 3.5x to 4.5x, indicating a commitment to maintaining financial stability amidst refinancing efforts.
- Launch of a new credit facility to refinance existing debt.
- Plans to raise additional debt for corporate purposes.
- Reaffirms net leverage ratio target of 3.5x to 4.5x, indicating financial discipline.
- Existing First Lien Term Loan and Revolver due in 2024 could indicate financial pressure.
NEW YORK, NY / ACCESSWIRE / November 11, 2022 / Focus Financial Partners Inc. (NASDAQ:FOCS) ("Focus"), a leading partnership of independent, fiduciary wealth management firms, announced today that it is launching a new credit facility to refinance its existing First Lien Term Loan and Revolver due in 2024. Focus may also raise additional debt capital for general corporate purposes. Focus expects to close this transaction in the fourth quarter of 2022 and reaffirms its 3.5x to 4.5x net leverage ratio target.
About Focus Financial Partners Inc.
Focus Financial Partners Inc. is a leading partnership of independent, fiduciary wealth management firms. Focus provides access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with comprehensive wealth management services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices offered by Focus to achieve their business objectives. For more information about Focus, please visit www.focusfinancialpartners.com.
Cautionary Note Concerning Forward-Looking Statements
This release contains certain forward-looking statements that reflect Focus' current views with respect to certain current and future events. These forward-looking statements are and will be, subject to many risks, uncertainties and factors relating to Focus' operations and business environment which may cause future events to be materially different from these forward-looking statements or anything implied therein. Any forward-looking statements in this release are based upon information available to Focus on the date of this release. Focus does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could affect Focus may be found in Focus' filings with the Securities and Exchange Commission.
Investor and Media Contacts
Tina Madon
Senior Vice President
Head of Investor Relations & Corporate Communications
Focus Financial Partners
P: +1-646-813-2909
tmadon@focuspartners.com
Charlie Arestia
Vice President
Investor Relations & Corporate Communications
Focus Financial Partners
P: +1-646-560-3999
carestia@focuspartners.com
SOURCE: Focus Financial Partners
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FAQ
What is the purpose of Focus Financial Partners' new credit facility?
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