A $3.65 billion term-loan package for Focus Financial Partners has been postponed, the third such instance this week for a US leveraged-loan deal as global market tumult of recent days has curbed debt market issuance.
The transaction was pulled from syndication Tuesday morning, according to people with knowledge of the matter who asked not to be identified as the details are private.
Royal Bank of Canada was leading the two-part deal, which launched on July 31 and consisted of a $3.33 billion term loan and a $325 million delayed draw term loan. Focus, which provides investment-management services, was seeking to refinance an existing loan and fund a distribution to shareholders.
Planned term loans for SeaWorld Parks & Entertainment Inc. and SBA Communications Corp. were postponed on Monday, amid big declines in stock markets around the world and big moves in bond yields and spreads. Leveraged loans, which had been among the best-performing debt classes this year, on consecutive days posted their biggest price declines since March 2023. The average secondary price is now at its lowest this year, according to a Morningstar/LSTA index.
Focus and RBC didn’t reply to a request for comment, nor did Focus co-owner Stone Point Capital. Fellow sponsor Clayton, Dubilier & Rice declined to comment.
Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."
FINRA has been focused on firms and their use of social media for several years.
RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.
The deal ending more than 30 years of ownership by the Swiss bank includes six investment strategies representing more than $11 billion in AUM.
Divorce, widowhood, and retirement are events when financial advisors may provide stability and guidance.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
