AssetMark Announces Five Year Credit Facility Extension and Upsize to $500 Million
12 Januar 2022 - 10:15PM
AssetMark Financial Holdings, Inc. (NYSE: AMK) announced today that
it has entered into an Amended and Restated Credit Agreement with
ten banks, led by Bank of Montreal as Administrative Agent and
Sustainability Coordinator. The agreement provides for a $500
million Senior Secured Credit Facility, comprised of a $375 million
revolving facility and a $125 million term loan. The agreement also
carries an accordion feature allowing for an additional $100
million of capacity, subject to customary terms and conditions.
The new credit facility will mature in 2027. Interest will be
based on SOFR plus an applicable margin, with the applicable margin
being tied to the Company’s total leverage ratio. At the initial
funding levels, the interest rate will be adjusted term SOFR +
1.875%. AssetMark will use the new term loan to retire $115 million
outstanding under its existing revolving facility (which had a rate
of LIBOR + 2.00%).
“We are very excited about the opportunity to significantly
increase our access to capital and reduce our ongoing borrowing
costs, highlighted by margin improvement of 12.5 bps,” said Gary
Zyla, EVP, Chief Financial Officer. “The increase of the commitment
under the credit facility and the extension of the maturity further
enhances our already strong capital and liquidity position and adds
to our financial flexibility. We plan to continue the strategic
growth of our business both through acquisitions as well as
investments in our operations to further drive organic growth.”
BMO Capital Markets Corp., JPMorgan Chase Bank, N.A., Truist
Securities, Inc., U.S. Bank National Association and Wells Fargo
Securities, LLC, all acted as Joint Lead Arrangers and Joint
Bookrunners on the transaction.
Zyla added, “We are extremely grateful to our on-going bank
partners and welcome our new partners. We look forward to the
opportunities ahead of us in 2022.”
About AssetMark Financial Holdings, Inc.
AssetMark is a leading provider of extensive wealth management
and technology solutions that power independent financial advisors
and their clients. Through AssetMark, Inc., its investment adviser
subsidiary registered with the U.S. Securities and Exchange
Commission, AssetMark operates a platform that comprises fully
integrated technology, personalized and scalable service, and
curated investment platform solutions designed to make a difference
in the lives of advisors and their clients.
SOURCE: AssetMark Financial Holdings, Inc.
Contacts Investors:Taylor J. Hamilton, CFAHead
of Investor RelationsInvestorRelations@assetmark.com
Media: Alaina KleinmanHead of PR &
Communicationsalaina.kleinman@assetmark.com
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