Cetera launches $125 million incremental term loan at 99.03

By Sara Rosenberg

New York, March 25 – Cetera launched on Thursday its fungible $125 million incremental first-lien term loan with original issue discount talk of 99.03, according to a market source.

Pricing on the incremental term loan is Libor plus 425 basis points with a 0% Libor floor, in line with existing term loan pricing.

UBS Investment Bank is the left lead on the deal.

Commitments are due on March 31.

Proceeds will be used with $400 million of unsecured debt to fund the acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors and to repay an existing second-lien term loan.

Cetera, acquired by Genstar in July 2018, is an El Segundo, Calif.-based financial advice firm.

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