Hightower Advisors Closes $400 Million Notes Offering and Repricing of Term Loan B Facilities

Paul, Weiss represented Hightower Advisors, a platform for independent financial advisors owned by funds affiliated with Thomas H. Lee Partners, in its private offering of $400 million aggregate principal amount of 9.125% senior notes due 2030. The joint bookrunning managers for the offering were led by Goldman Sachs.

Concurrently with the closing of the offering, Hightower amended its existing term loan facility to reprice approximately $1.4 billion of outstanding senior secured term loans and to upsize the term loan facility by an additional $50 million. Hightower used the net proceeds from the offering and bank amendment, together with cash on hand and the proceeds from an equity contribution by its sponsor, to cover M&A expenses, repay a portion of the borrowings outstanding under its revolving credit facility, and pay related fees and expenses.

The Paul, Weiss team was led by corporate partners Eric Wedel, Luke Jennings, Timothy Cruickshank, Matthew Leist and Caroline Epstein, and includes tax partner Robert Holo and executive compensation counsel Jake Glazeski.