Advisor Group sets July 11 launch for $1.48 billion credit facilities

By Sara Rosenberg

New York, July 2 – Advisor Group Inc. is scheduled to hold a bank meeting at 2:30 p.m. ET in New York on July 11 to launch its proposed $1,475,000,000 of credit facilities (B1), according to a market source.

UBS Investment Bank is the left lead arranger on the deal.

The facilities consist of a $225 million revolver and a $1.25 billion first-lien term loan.

Proceeds will be used to help fund the buyout of 75% of the company by Reverence Capital Partners. Lightyear Capital and PSP Investments are expected to maintain up to a 25% stake in the company.

The company also has a commitment for a $350 million senior unsecured bridge loan for the transaction.

Leverage is expected to be around 5.5 times.

Closing is expected in the third quarter, subject to regulatory and other customary approvals.

Advisor Group is a Phoenix-based wealth management platform, which supports over 7,000 financial advisers with $268 billion of client assets.

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