Moody's rates Mariner loans Ba3

Moody's Investors Service said it assigned Ba3 ratings to Mariner Wealth Advisors, LLC's $150 million incremental first-lien term loan due 2028 and its incremental first-lien delayed-draw term loan, with an allowed drawdown of up to $25 million for four months from the closing date of the incremental first-lien term loan.

The incremental facilities will have the same maturity and terms as Mariner's existing first-lien term loans.

Mariner's B1 corporate family rating and B1-PD probability of default rating are unchanged, Moody’s said.

“The Ba3 ratings on Mariner's first-lien loan are supported by the Mariner's outstanding second-lien term loan due 2029 (unrated), which acts as a loss-absorbing cushion in Mariner's capital structure. Were Mariner to further increase the size of its first-lien loan without increasing the size of the second lien, the rating uplift on the first-lien loan relative to the CFR could be eroded to the point where the first-lien rating would fall back in line with the CFR,” the agency said in a press release.

Proceeds will be used to acquire additional registered investment advisors, as well as pay fees and expenses.

The outlook is stable.

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