Moody’s rates Victory Capital facility Ba3

Moody's Investors Service said it assigned a Ba3 senior secured debt rating to Victory Capital Holdings, Inc.'s new credit facility.

The proceeds from the facility will be used to fund the previously announced acquisition of USAA Asset Management Co. and refinance the company's existing credit facility.

The new credit facility includes a seven-year $1.13 billion first-lien term loan and a five-year $100 million revolver, which is expected to be undrawn at the close of the transaction.

A portion of the term loan proceeds will be used to repay the company's existing $280 million term loan.

“We view this refinancing transaction to be neutral to Victory's credit profile,” the agency said in a news release.

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