...August 1, 2024 - Focus Financial Partners LLC is issuing a $3.3 billion first-lien term loan B-8, $325 million delayed draw term loan, and $700 million other secured debt, which we expect to be primarily used to repay outstanding indebtedness of approximately $3.4 billion and fund a $550 million distribution to sponsors and other shareholders. At the same time, the revolver will be upsized to $925 million, and the maturity will be extended to 2029. - We affirmed our 'B+' issuer credit rating on Focus Financial Partners Inc. We also assigned a 'B+' issue rating to the proposed $3.3 billion first-lien term loan B-8 and $325 million delayed draw term loan. Our recovery rating on the company's secured debt remains '3', indicating our expectation for a meaningful (50%) recovery in a simulated default scenario. - The outlook remains stable, indicating our expectation that Focus will operate with weighted average adjusted debt to EBITDA of 5x-7x during the next 12 months, per our calculations,...
