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NEW YORK, NY / ACCESSWIRE / January 21, 2021 / Concentration Financial Associates Inc. (NASDAQ:FOCS) (“Focus”), a main partnership of independent, fiduciary prosperity management companies, introduced today that it greater the supplying under its Initial Lien Phrase Loan (“Term Loan”) by $125 million, from the $375 million introduced previously this 7 days, to $500 million. On completion, Focus’ Term Financial loan stability will be about $1.63 billion, as opposed to around $1.13 billion as of December 31, 2020. The yearly interest rate on the Expression Personal loan will remain unchanged at LIBOR + 200 foundation points. The $500 million transaction priced at 99.875 and Concentration expects it to shut by the conclusion of this thirty day period. Aim will use the proceeds to repay outstandings under its $650 million 1st Lien Revolver as well as for foreseeable future acquisitions to increase its partnership.
“We took benefit of the solid need for our credit to upsize the providing less than our Time period Financial loan by an further $125 million,” reported Jim Shanahan, Main Money Officer of Concentrate. “We were extremely happy with our M&A momentum in 2020, which we consider will speed up in 2021. The oversubscription is more reinforcement of our marketplace-foremost position, and the extra debt capital enhances our economic overall flexibility in a extremely charge-productive way. As usually, we continue to be fully commited to prudently running our equilibrium sheet and to our specific web leverage ratio assortment of 3.5x – 4.5x.”
About Aim Fiscal Partners
Concentrate Economical Companions Inc. is a main partnership of independent, fiduciary wealth management companies. Target offers access to greatest methods, means and continuity arranging for its partner firms who serve people, people, companies and institutions with extensive prosperity management products and services. Focus companion corporations keep their operational independence, even though they advantage from the synergies, scale, economics and finest methods offered by Concentrate to realize their company aims. For far more data about Emphasis, make sure you pay a visit to focusfinancialpartners.com.
Cautionary Assertion Regarding Forward-Hunting Statements
This release incorporates specified forward-on the lookout statements that replicate Focus’ existing sights with respect to specific current and upcoming events. These forward-looking statements are and will be, subject matter to many hazards, uncertainties and things relating to Focus’ functions and company setting, such as, without the need of limitation, uncertainty encompassing the present-day COVID-19 pandemic, which may possibly bring about upcoming gatherings to be materially various from these ahead-looking statements or nearly anything implied therein. Any forward-hunting statements in this launch are based upon info available to Concentrate on the date of this release. Aim does not undertake to publicly update or revise its ahead-looking statements even if experience or potential alterations make it crystal clear that any statements expressed or implied therein will not be understood. Additional information on danger factors that could impact Target might be uncovered in Focus’ filings with the Securities and Trade Fee.
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Source: Aim Economic Partners
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