NEW YORK, Jan. 16, 2020 (GLOBE NEWSWIRE) -- Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”), a leading partnership of independent, fiduciary wealth management firms, announced today that it has successfully repriced the interest rate applicable to its First Lien Term Loan. In an oversubscribed transaction, Focus will reduce the rate from LIBOR + 2.50% to LIBOR + 2.00% with an expected closing later this month. There will be no changes to any of the terms of its First Lien Revolver as a result of this repricing.
“We took advantage of the oversubscribed demand for our credit profile and the institutional lending community’s confidence in our business model to reduce our cost of debt,” said Jim Shanahan, Chief Financial Officer of Focus. “We are focused on prudently managing our costs as our business grows, and continue to strengthen our capital structure as part of our overall strategy to maximize shareholder value.”
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.
Investor and Media Contact Information
Tina Madon
Senior Vice President
Head of Investor Relations & Corporate Communications
Focus Financial Partners
P: +1-646-813-2909
tmadon@focuspartners.com