Alvarium Tiedemann Holdings Enters into New $250 Million Credit Facility
January 03 2023 - 12:30PM
Business Wire
– Provides financial flexibility to execute
growth initiatives and serve its global clients more efficiently
–
Alvarium Tiedemann Holdings, Inc. (NASDAQ: ALTI) (“Alvarium
Tiedemann” or “AlTi” or the “Company”) announced today that it has
entered into a $250 million credit facility with a syndicate led by
BMO Capital Markets Corp. (“BMO”). The facility, which is comprised
of a $150 million revolving credit facility and a $100 million term
loan facility, will be used to pay down subsidiary debt and fund
growth initiatives.
The new credit facility, which has a term of five years, will
allow Alvarium Tiedemann to strategically expand its global
footprint, platform and opportunity set across business lines.
“Strengthening our balance sheet will enable Alvarium Tiedemann
to capitalize on opportunities to serve evolving clients’ needs
more effectively,” said Michael Tiedemann, Chief Executive Officer
of Alvarium Tiedemann. “Expansion through strong organic growth and
accretive acquisitions is a key priority for us, as a
differentiated provider of financial advisory services and
alternative investment opportunities. To date, we have successfully
integrated a number of businesses, and this credit facility
provides the financial flexibility to execute our growth
initiatives to drive margin expansion.”
BMO, Fifth Third Bank, N.A., PNC Bank, N.A., and Texas Capital
Bank are Joint Lead Arrangers and Bookrunners. BMO Harris Bank N.A.
is the Administrative Agent. Bank of America and CrossFirst Bank
are also members of the syndicate.
About Alvarium Tiedemann AlTi is a leading independent
global wealth and asset manager providing entrepreneurs,
multi-generational families, institutions, and emerging
next-generation leaders with fiduciary capabilities as well as
alternative investment strategies and advisory services. AlTi’s
comprehensive offering is underscored by a commitment to impact or
values-aligned investing and generating a net positive impact
through its business activities. The firm currently manages or
advises on approximately $60 billion in combined assets and has an
expansive network with over 400 professionals across four
continents. For more information, please visit us at
www.Alti-global.com.
Forward-Looking Statements Certain statements made in
this press release are "forward looking statements" within the
meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," "future," "propose" and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions, or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
AlTi’s control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include (i) the inability to recognize the
anticipated benefits of the business combination; (ii) the
inability to maintain the listing of AlTi’s shares on Nasdaq
following the business combination; (iii) costs related to the
business combination; (iv) the risk that the business combination
disrupts current plans and operations as a result of the
announcement and consummation of the business combination; (v)
AlTi’s ability to manage growth and execute business plans and meet
projections; (vi) potential litigation involving AlTi; (vii)
changes in applicable laws or regulations, particularly with
respect to wealth management and asset management; (viii) general
economic and market conditions impacting demand for AlTi’s
services, and in particular economic and market conditions in the
financial services industry in the markets in which AlTi operates;
and (ix) other risks and uncertainties indicated from time to time
in AlTi’s registration statement on Form S-4, declared effective by
the SEC on October 17, 2022, including those under “Risk Factors”
therein, and in AlTi’s other filings with the SEC. Forward-looking
statements speak only as of the date they are made. AlTi undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law. AlTi cannot give any assurance that it
will achieve expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20230102005118/en/
Media: Prosek Partners Ben Shapiro Pro-AlTi@prosek.com
Investors: Prosek Partners Alex Jorgensen AlTi@prosek.com
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