Toronto, ON, September 10, 2021 – RF Capital Group Inc. (the Company) (TSX:RCG) announced today it has secured a $200 million revolving credit facility (the Facility) with a syndicate of lenders (the Lenders). 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, subject to the Lenders’ approval.
"This 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, and to create greater value for shareholders. Combined with our strong current and future operating cash flows, which we expect to improve as a result of the agreement we recently announced with Fidelity, and our excess working capital, this $200 million facility will provide us with ample funding and flexibility to repay our existing debt and to further accelerate our organic growth, recruiting and other strategic corporate development initiatives,” said Kish Kapoor, President and Chief Executive Officer.
The interest rate on the Facility will be approximately 25 to 75 basis points less than what the Company pays on its existing debt facility. The Facility will bear interest at a spread over prescribed benchmark rates, with the spread depending on the Company’s leverage at the time that it draws on the Facility. The Facility has an initial two-year term with an option for additional one-year terms, subject to the Lenders’ approval.
"The Facility will provide us with access to growth capital at attractive terms. That outcome reflects the strength of our franchise, our stable ownership structure, the power of the Richardson brand and our compelling growth strategy. We appreciate the great sense of partnership, commitment and belief in our ambitious strategy that our lenders demonstrated as we work towards this great result for shareholders,” said Tim Wilson, Chief Financial Officer.
Canadian Imperial Bank of Commerce (CIBC) will act as Sole Bookrunner and Administrative Agent, with CIBC and BMO Capital Markets acting as Co-lead Arrangers, and with significant support from Canadian Western Bank and the Bank of China. The closing of the Facility is subject to regulatory approval and other customary conditions.
TORONTO, September 8, 2021 - RF Capital Group Inc. (TSX: RCG) (the Company) announced today that Natalie Bisset has joined as Senior Vice President, Head of Corporate Development for its wholly owned subsidiary, Richardson Wealth Limited (Richardson Wealth), effective today.
Natalie is a proven leader with over 15 years’ experience spanning wealth management, private equity, business development and stakeholder relations. She spent the last six years at BMO, where she held progressive roles including Director, Innovation and Strategic Initiatives and Senior Partner, Business Acquisition in Private Wealth. During her tenure, Natalie was, amongst other things, responsible for the acquisition of wealth management practices and creating growth opportunities.
“We are thrilled that Natalie has chosen to join the talented leadership team at Richardson Wealth at such a critical juncture in our growth story. She represents the next generation of leaders at our firm. Her appointment will supercharge our recruiting objectives and lays the groundwork for pursuing partnerships and acquisitions of like-minded firms”, said Kish Kapoor, President and Chief Executive Officer.
Commenting further, Mr. Kapoor said, “Ms. Bisset is a results-driven professional with a proven track record of helping fast-paced, entrepreneurial, and dynamic organizations build innovative business development and value-creation strategies. This is another proof point that our exciting growth story is resonating with the industry’s high-caliber talent.”
Natalie earned her MBA from Ivey School of Business and currently sits on the Executive Committee for the Ivey Alumni Network Board of Directors. She is also deeply engaged in her community including mentoring young entrepreneurs, supporting various social impact organizations, and championing initiatives that enhance women’s wellness, education and diversity, equity, and inclusion.
Toronto, September 1, 2021 – RF Capital Group Inc. (the Company) (TSX: RCG) today reported preliminary record month-end assets under administration (AUA) of $34.6 billion as of August 31, 2021. AUA is a key performance indicator and one of the financial measures used by management, investment advisors and the Company’s shareholders to assess operating performance.