HighTower lifts delayed-draw term loan amount to $25 million

By Sara Rosenberg

New York, Oct. 13 – HighTower Holdings LLC upsized its fungible incremental first-lien delayed-draw term loan due Jan. 31, 2025 that is available for 24 months to $25 million from $20 million, according to a market source.

The delayed-draw term loan has a 1% unused fee and an original issue discount of 98.5.

As before, the company is also getting a fungible $130 million incremental first-lien term loan due Jan. 31, 2025 priced at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 98.5, and a fungible $35 million incremental second-lien term loan.

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.

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

Antares Capital is the lead on the deal.

Proceeds will be used to fund planned acquisitions.

Closing is expected mid-week, the source added.

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

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