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CONCORD, Calif., July 30, 2019 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) today announced that it paid off $125 million, or approximately half of its outstanding term loan debt, on its seven-year term loan that matures in 2025. This pay down was funded by the net proceeds to AssetMark from its initial public offering earlier this month, together with cash on hand.
“The paydown of half of our debt represents an important milestone in the improvement of our balance sheet,” said Gary Zyla, Chief Financial Officer at AssetMark. “Our balance sheet provides us with exceptional flexibility to grow and invest in the business so that we can continue making a difference in the lives of advisers and their clients.”
As of July 30, 2019, after giving effect to the pay down, AssetMark had $124.4 million of debt outstanding under its term loan, which was incurred in November 2018. The term loan matures in November 2025 and bears interest at a variable rate, currently LIBOR plus a margin of 3.25 percent.
About AssetMark Financial Holdings, Inc.
AssetMark is a leading provider of extensive wealth management and technology solutions that power independent financial advisers and their clients. Through AssetMark, Inc., its investment adviser subsidiary registered with the Securities and Exchange Commission, AssetMark operates a platform that comprises fully integrated technology, personalized and scalable service and curated investment platform solutions designed to make a difference in the lives of advisers and their clients. AssetMark had an estimated $56 billion in platform assets as of June 30, 2019 and has a history of innovation spanning more than 20 years.
Taylor J. Hamilton, CFA
Head of Investor Relations
SOURCE: AssetMark Financial Holdings, Inc.