S&P rates Mariner Wealth loan B-

S&P said it rated Mariner Wealth Advisors LLC's planned $100 million nonfungible term loan B due 2028 B- with a 4 recovery rating (45%), indicating an average recovery in default. Mariner also plans to boost its revolver by $25 million to $125 million, increase the springing financial covenant revolver utilization threshold to 40% from 35%, and increase the revolver's first-lien net leverage financial covenant to 7x from 6.5x. The revolver is currently undrawn.

The ratings are the same as S&P’s on Mariner’s outstanding first-lien debt.

Concurrently, equity sponsor, Leonard Green & Partners plans to invest $200 million in equity to increase its stake to 43%.

Mariner is expected to use the proceeds to acquire registered investment advisors.

The outlook is stable.

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