Moody's assigns Mariner Wealth B1

Moody's Investors Service said it assigned a B1 corporate family rating and a probability of default rating of B1-PD to Mariner Wealth Advisors, LLC. Moody's also gave B1 ratings to Mariner’s $300 million senior secured first-lien term loan B, $100 million senior secured revolving credit facility and $100 million senior secured first lien delayed-draw term loan.

“The rating assignment follows private equity firm Leonard Green & Partners' June minority investment in Mariner and the announcement last Tuesday that Mariner will acquire AdvicePeriod, an independent advisory firm with $5.1 billion of assets under management or advisement (AUM/A), which will bring Mariner's AUM/A to approximately $50 billion,” the agency said in a press release. Mariner plans to finance the deal with new debt and equity.

“Mariner's B1 CFR reflects its leading position as a consolidator of wealth advisors, its strong AUM resilience and organic growth rate, and its relatively high financial leverage, a product of its acquisition-driven strategy,” Moody’s said.

The outlook is stable.

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