Wealth management firm, RF Capital Group Inc., operating under the Richardson Wealth brand, announced Sept. 10 that it has secured a $200-million revolving credit facility with a syndicate of lenders to pursue its aggressive growth strategy in the high-net-worth and ultra-high-net-worth space in Canada.
“The initial authorized principal of the facility is $125-million. The facility also includes an accordion provision that will enable the company to request increases in the total commitment, under the same terms, by an aggregate amount of up to $75-million,” the company said in a statement announcing the deal. It adds that the credit will provide the company with substantial capacity to repay existing debt and further accelerate growth, particularly in recruiting and other strategic corporate development initiatives. The facility has an initial two-year term with an option for additional one-year terms, subject to the lender’s approval.
Combined with current and future operating cash flows and excess working capital, the company’s president and CEO, Kish Kapoor says the new facility “will provide us with substantial capacity to deliver on our vision to be the brand of choice for Canada’s top advisors and their high-net-worth clients.”
The firm currently has $34.6-billion in assets under administration, as of Aug. 31, 2021, and 19 offices across the country.
