Enhancing Balance Sheet Flexibility to Support Future Growth
NEW YORK, July 17, 2019 (GLOBE NEWSWIRE) -- Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”), a leading partnership of independent, fiduciary wealth management firms, today announced that it is launching a transaction to increase the facility size of its First Lien Term Loan by $300.0 million, but will otherwise maintain the existing terms. Focus expects to close this transaction in July 2019 and use the proceeds to repay $300.0 million of outstandings under its $650.0 million First Lien Revolver (“Revolver”). There will be no change to the existing terms of the Revolver as a result of this reduction in borrowings.
“We are taking advantage of the positive credit environment to increase the borrowing capacity under our Revolver as we continue to prudently manage our credit and leverage profile,” said Jim Shanahan, Chief Financial Officer of Focus. “We see significant opportunities that will drive our 2019 growth in excess of our 20% annual targets for revenue and adjusted net income per share, demonstrating the power of our business model. Our pipeline remains robust, particularly as an increasing number of our partner firms seek to accelerate their growth through merger opportunities. This transaction will increase our flexibility to capitalize on the secular tailwinds shaping the RIA industry and position our business for future growth.”
About Focus Financial Partners Inc.
Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”) 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.
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Source: Focus Financial Partners Inc.