Item 1.01 Conclusion of a Material Definitive Agreement.
At July 1, 2021, Targeted Financial Partners, LLC (“Focus LLC“), a subsidiary of
Focus Financial Partners inc. (the “Company”), Royal Bank of Canada, as administrative agent and guarantor under this Senior Credit Agreement, dated July 3, 2017 (as amended, the “Credit Agreement”), and each new term lender party thereto has entered into Amendment 8 to the Senior Credit Agreement (the “Eighth Amendment”). The Eighth Amendment provides for the addition of a $ 800.0 million tranche of the Company’s existing senior term loan (the “Term Loan”), $ 150.0 million of which will be available on a six-month deferred printing basis. The annual interest rate for the new tranche is LIBOR + 250 basis points with the LIBOR component subject to a floor of 50 basis points, and the transaction priced at 99.25. The proceeds of the new tranche will be used to pre-finance the acquisitions that the Company expects to complete in the coming quarters. No changes were made to the terms of the existing term loan as a result of the new tranche.
The foregoing description of the Eighth Amendment is not complete and is qualified in its entirety by reference to the full text of the Eighth Amendment, which is attached hereto as Exhibit 10.1 to this current report on Form 8-K and incorporated by reference in this article 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under a
Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Section 1.01 is incorporated by reference as if it were fully set forth herein.
Item 9.01 Financial statements and supporting documents.
Exhibit No. Description
10.1 Amendment No. 8 to First Lien Credit Agreement, dated as of July 1,
2021, among Focus Financial Partners, LLC, Royal Bank of Canada, as term
administrative agent and collateral agent, and each new term loan lender
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