S&P gives Mariner Wealth, loans B

S&P said it gave its B issuer credit rating to Mariner Wealth Advisors LLC. The agency also assigned B ratings to its first-lien term loan and first-lien delayed draw term loan. The recovery rating on the loans is 4 (45%), indicating an expectation for an average recovery in default.

“Mariner is a full-service national wealth advisory firm founded in 2006, with $45 billion in assets under management (AUM)/assets under advisement (AUA) and over 24,500 clients as of June 30, 2021. Mariner is issuing a $100 million five-year revolving credit facility, a $300 million seven-year term loan B and a $100 million seven-year delayed-draw term loan,” S&P said in a press release.

The company plans to use the proceeds to refinance debt and fund pending and future acquisitions.

The outlook is stable, indicating an expectation that Mariner will operate with adjusted debt to EBITDA under 5x and interest coverage over 6x once accounting for 2021's acquisitions, S&P said.

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