Moody’s ups Mariner first-lien loans

Moody’s Investors Service said it raised Mariner Wealth Advisors LLC’s first lien loan facility and revolving credit facility to Ba3 from B1.

The upgrade follows Mariner closing on a $150 million second-lien term loan facility, the agency said. The new, unrated facility includes a $100 million funded term loan and a $50 million delayed-draw term loan, bringing total debt, including the $50 million delayed-draw loan, to $550 million.

The new facility will act as loss-absorbing cushion in the capital structure, Moody’s said.

Concurrently, Moody’s affirmed Mariner’s B1 corporate family rating.

The outlook remains stable.

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