At a glance
- The firm says the package will save $35 million to $40 million in interest in 2027 and fund further business growth and acquisitions.
- Goldman Sachs led the transaction, and S&P Global Ratings sizes the package at a $1.65 billion term loan plus a $250 million delayed draw term loan, summing to the $1.9 billion headline figure.
- One percentage point on $1.9 billion is $19 million a year, so 1.75 points works out to roughly $33 million.
Mercer Advisors refinanced $1.9 billion of debt into its first broadly syndicated loan. The firm says the package will save $35 million to $40 million in interest in 2027 and fund further business growth and acquisitions. The Denver-based RIA has $111 billion in client assets.
Goldman Sachs led the transaction, and S&P Global Ratings sizes the package at a $1.65 billion term loan plus a $250 million delayed draw term loan, summing to the $1.9 billion headline figure. The new structure replaces Mercer's private debt with a seven-year term loan B and a five-year, $340 million revolving credit facility. Mercer said the deal was meaningfully oversubscribed and that the new loan carries an interest rate 1.75 percentage points lower than its predecessor. S&P rated the firm B with a stable outlook in September 2026. The $250 million delayed draw term loan is funded over time rather than at close, giving Mercer committed capital it can call on later; the announcement does not say what it is earmarked for.
One percentage point on $1.9 billion is $19 million a year, so 1.75 points works out to roughly $33 million. That is just below the low end of the $35 million to $40 million Mercer guides to for 2027. The comparison assumes the spread applies to the full drawn balance; the announcement does not break out the drawn amount, fees or any hedging behind the estimate.
Bloomberg reported in September that $19.5 billion of private debt was refinanced into the syndicated market in 2026 while $9.2 billion moved the other way, citing JPMorgan and KBRA DLD data — a net migration of roughly $10.3 billion. That is consistent with this publication's earlier read that funded buyers have been carrying the deal weeks while the count stays soft. DeVoe & Company measured a 17% drop in RIA M&A volume in the third quarter, with consolidators handling 53% of deals through September 2026.
Mercer's 2027 interest savings: rate math vs. guidance
1.75 points on a $1.9B notional implies about $33M, just under the guided range
Show as table
| Label | Value ($M) |
|---|---|
| Implied by the 1.75-pt rate cut | $33M |
| Mercer guidance (low) | $35M |
| Mercer guidance (high) | $40M |
Reported by the M&A desk from InvestmentNews, Citywire (reported by InvestmentNews), Bloomberg (cited by InvestmentNews), data from JPMorgan and KBRA DLD and DeVoe & Company (cited by InvestmentNews). Published . Corrections