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AMK - AssetMark Financial Holdings Inc News Story

$24.55 0.4  1.8%

Last Trade - 03/03/21

Mid Cap
Market Cap £1.25bn
Enterprise Value £1.25bn
Revenue £309.7m
Position in Universe 2301st / 6642

AssetMark Closes $250 Million Revolving Credit Facility, Retires Existing Term Loan

Mon 4th January, 2021 1:30pm
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CONCORD, Calif., Jan. 04, 2021 (GLOBE NEWSWIRE) -- AssetMark Financial
Holdings, Inc. (NYSE: AMK) announced today that it has entered into a new
Credit Agreement with six banks, including Bank of Montreal serving as
administrative agent. The Credit Agreement provides for a $250 million secured
revolving Credit Facility.

Concurrently, AssetMark will draw down $75 million on the new Credit Facility
and use those funds plus cash to retire its $124 million existing term loan,
which had a rate of LIBOR plus 3.00%.

The new Credit Facility has a four-year maturity. Interest will be based on
LIBOR 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 LIBOR plus 2.00%.

“We are very excited about this opportunity to both significantly increase
our access to capital and reduce our on-going borrowing costs,” said Gary
Zyla, EVP, Chief Financial Officer. “With this added 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.”  

Under the Credit Agreement, BMO Capital Markets Corp., JPMorgan Chase Bank,
N.A., U.S. Bank National Association and Wells Fargo Securities, LLC acted as
joint lead arrangers and joint bookrunners.

Zyla added, “We are extremely grateful to our on-going bank partners and
look forward to the opportunities ahead of us in 2021.”

About AssetMark Financial Holdings, Inc.

AssetMark is a leading provider of extensive wealth management and technology
solutions that help financial advisors meet the ever-changing needs of their
clients and businesses. Through AssetMark, Inc., its investment adviser
subsidiary registered with the U.S. Securities and Exchange Commission,
AssetMark operates a platform that brings together fully integrated
technology, personalized and scalable service, and curated investment
solutions to support financial advisors and their businesses. For more than 20
years, AssetMark has focused on offering the solutions and services that help
financial advisors grow. AssetMark had $67 billion in platform assets as of
September 30, 2020. For more information visit

SOURCE: AssetMark Financial Holdings, Inc.

Taylor J. Hamilton, CFA
Head of Investor Relations

Chris Blake
MSR Communications 


GlobeNewswire, Inc. 2021
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