ACCESS Newswire
17 Jun 2021, 16:35 GMT+10
Reaffirms 3.5x to 4.5x Net Leverage Ratio Target
NEW YORK, NY / ACCESSWIRE / June 17, 2021 / Focus Financial Partners Inc. (NASDAQ:FOCS) ('Focus'), a leading partnership of independent, fiduciary wealth management firms, announced today that it is launching a transaction to add a 7-year $800 million tranche to its First Lien Term Loan ('Term Loan'), inclusive of a $400 million six-month delayed draw feature. Focus expects to close this transaction in early July and use the proceeds to pre-fund the transactions it anticipates closing over the next several quarters. On June 17, 2021, the balances outstanding under Focus' Term Loan and $650 million First Lien Revolver were approximately $1.6 billion and $0, respectively.
'We are taking advantage of the favorable credit and interest rate environment to increase our dry powder while adding a 7-year tranche to our Term Loan,' said Jim Shanahan, Chief Financial Officer of Focus. 'Our M&A pipeline is at record levels, both in the U.S. and internationally, and we anticipate that this momentum will continue. Connectus also has a robust pipeline and continues to gain traction globally. Our core value proposition of entrepreneurship, permanent capital and value-added services is uniquely resonating in the highly fragmented wealth management industry. However, we remain highly selective in our approach to allocating capital. We will continue to prudently manage our balance sheet and maintain our targeted net leverage ratio range of 3.5x to 4.5x. In addition, our strong cash flow generation limits our reliance on debt as we grow our business, and we can use equity as acquisition consideration for select transactions.'
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, including, without limitation, uncertainty surrounding the current COVID-19 pandemic, 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 Contact
Tina Madon
Senior Vice President
Head of Investor Relations & Corporate Communications
Focus Financial Partners
P: +1-646-813-2909
[email protected]
SOURCE: Focus Financial Partners
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
(Photo credit: Eric Canha-Imagn Images) Boston right-hander Walker Buehler looks to put a horrid six-start stretch behind him when...
(Photo credit: Mady Mertens-Imagn Images) The Cincinnati Reds are becoming known for their resilience. Fresh off an impressive...
(Photo credit: Kamil Krzaczynski-Imagn Images) The Chicago Cubs set a franchise record by bashing eight home runs in a single game...
(Photo credit: Grace Smith/IndyStar / USA TODAY NETWORK via Imagn Images) The Indiana Fever look to extend their winning streak to...