(Bloomberg) — Focus Financial Partners relaunched a $3.65 billion credit package after previously withdrawing the deal amid global market turmoil that curbed debt issuance last month.
The transaction resumed on Wednesday on the same terms as the previous deal, according to a person with knowledge of the matter, who asked not to be identified as the details are private.
Royal Bank of Canada is leading the deal, which consists of a $3.3 billion term loan and a $325 million senior term loan, the person said. The proceeds will be used for Focus Financial, a wealth management firm, to refinance debt and pay a shareholder distribution.
Companies are flocking to the debt markets to sell bonds and loans in a borrowing spree blitz before the US presidential election. On Tuesday, speculative-grade companies initiated more than $17 billion in deals through the high-yield bond and credit markets, far exceeding last year's post-Labor Day activity. A handful more followed on Wednesday.
Read more: Global borrowing blitz brings record US bond sales
Representatives for RBC and owner Focus Financial, Clayton, Dubilier & Rice LLC, declined to comment. Representatives for Focus Financial and its other owner, Stone Point Capital LLC, did not respond in time for publication.
The Focus Financial deal was initially is postponed in early August amid steep declines in global stock markets and turbulent swings in bond yields and spreads. It was one at a time punch of companies that chose to delay transactions during volatility.
The price for the resumed deal is being discussed at 3 to 3.25 percentage points above the base rate, compared with 3 percentage points in the August version. The discounted price is 99.5 cents on the dollar, compared with a range of 99.5 to 99.75 cents in August. Engagements end on September 10th.