Kestra lifts term loan to $840 million, flexes to SOFR plus 400 bps

By Sara Rosenberg

New York, March 18 – Kestra Advisor Services Holdings A Inc. upsized its seven-year first-lien term loan to $840 million from $825 million and reduced pricing to SOFR plus 400 basis points from SOFR plus 425 bps, according to a market source.

Also, the original issue discount on the term loan finalized at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

The company’s now $937.5 million of credit facilities, up from $922.5 million, also include a $97.5 million five-year revolver.

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

Recommitments were scheduled to be due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to refinance the company’s existing first-lien credit facilities and, due to the upsizing, for general corporate purposes, including future mergers and acquisitions.

Kestra, a Warburg Pincus LLC portfolio company, is an Austin, Tex.-based wealth management platform supporting a broad range of independent financial advisers.

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