Milbank LLP advised the initial purchasers in the high yield offering of notes and advised the arrangers in an upsize of the existing term loan and revolving facilities in connection with the acquisition of certain assets from Voya Financial Advisors, Inc. by Cetera Financial Group, Inc., a wholly owned subsidiary of Aretec Group, Inc.
The newly rebranded Cetera Wealth Partners business with approximately $37 billion of total assets under administration, is part of the regional model at Cetera, which enables large enterprises to leverage the breadth of Cetera resources while retaining flexibility and choice as independent business owners. Over 130 new employees, including those brought over from Voya, will support Cetera's growing organization.
The Milbank deal team was led by Global Capital Markets partner Ben Miles and Global Leveraged Finance partners Jerome McCluskey and Lauren Hanrahan, along with Global Capital Markets special counsel Lesley Janzen and associate Jasmine Khaneja and Global Leveraged Finance associates Morgan Lingar, Eliza Biswas and Bailey Vincent.
