Tue 09/10/2024 10:04 AM
Relevant Items:
Secured Notes Due 2031 Primary Covenant Analysis
Preliminary Offering Memorandum
Focus Financial Partners is issuing senior secured notes due 2031 (the “2031s”). The proceeds of the bonds, together with new term loan borrowings, will be used to pay a $550 million cash distribution to shareholders and to refinance existing term loan and revolving debt.
Price talk is 6.75% to 7%.
We have completed a comprehensive analysis of the covenant...
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