CHICAGO, April 17, 2017 /PRNewswire/ -- HighTower recently secured a new credit facility totaling $245 million, an increase of $75 million over the company's previous facility. The financing supports HighTower's pending acquisition of WealthTrust, which includes $6.4 billion in client assets nationwide. The transaction is the largest in HighTower's history, bringing the company's total client assets to nearly $46 billion—an almost four-fold increase in less than four years.
"This financing supports the WealthTrust transaction and HighTower's capacity to drive growth with similar acquisitions in the future," said Sagar C. Kurada, Chief Financial Officer, HighTower. "We are grateful to our financial and legal partners who helped make this deal possible."
The new facility syndicate comprises BMO Capital Markets as Left Joint Lead Arranger and Administrative Agent, Regions Capital Markets as Joint Lead Arranger and Syndication Agent, Fifth Third Bank as Documentation Agent and KeyBank National Association.
HighTower Treasurer, Robert S. Pagliuco, led the financing negotiations on behalf of HighTower. Benesch, Friedlander, Coplan & Aronoff LLP attorneys Bill Doran and Matt Delguyd served as legal counsel to HighTower. Chapman and Cutler LLP attorneys Dan Baker and Sarah Kessler served as legal counsel to BMO Harris. Matthias Kuhlmey, Executive Vice President, HighTower, led the WealthTrust transaction for HighTower. Silver Lane Advisors LLC and Regions Securities LLC represented HighTower as the buyer in the WealthTrust transaction.
"The acquisition of WealthTrust is a transformative event for HighTower," said HighTower CEO Elliot Weissbluth. "The increase in financing that supported this deal illustrates the ongoing strength of our strategy and business model."
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HighTower is a national firm built by and for elite financial advisors. HighTower advisors commit to the fiduciary standard: a binding promise to put our clients' interests first. Powered by a proprietary technology and investment platform, HighTower embraces bold change to create a culture of collaboration and growth and to meet the evolving needs of sophisticated investors. For more information, see www.hightoweradvisors.com and www.byadvisorsforadvisors.com.
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