HighTower Holdings launches $150 million of first-lien term loans

By Sara Rosenberg

New York, Sept. 23 – HighTower Holdings LLC held a lender call on Wednesday morning to launch a $150 million of fungible incremental first-lien facilities, according to a market source.

The debt consists of a $130 million incremental first-lien term loan due Jan. 31, 2025 talked at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 98.5, and a $20 million incremental first-lien delayed-draw term loan due Jan. 31, 2025 that is available for 24 months and is talked with a 1% unused fee and a discount of 98.5, the source said.

The spread and floor on the incremental first-lien term loan matches pricing on the company’s existing $520.7 million first-lien term loan.

All of the first-lien term loan debt is getting 101 soft call protection for six months, the source continued.

Included in the first-lien term loan debt is a total net leverage covenant.

Commitments are due on Oct. 6, the source added.

The company is also getting a fungible $35 million incremental second-lien term loan.

Antares Capital is the lead on the deal.

Proceeds will be used to fund planned acquisitions.

HighTower, a Thomas H. Lee Partners portfolio company, is a Chicago-based registered investment advisor that owns and provides a suite of mission critical services to independent advisory practices.

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