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S&P lowers Mariner Wealth
S&P said it lowered its issuer credit rating on Mariner Wealth Advisors LLC to B- from B, citing higher leverage. The agency also downgraded Mariner's first-lien term loan and first-lien delayed draw term loan to B- from B. The recovery rating on the loan remains 4 (45%) indicating an expectation for an average recovery in default.
Mariner is securing a $100 million second-lien term loan with an additional $50 million second-lien delay draw. “We expect the company to draw on both its $50 million first- and second-lien delay draws, which would bring gross debt to $550 million,” S&P said in a press release.
Leverage, as measured by gross debt to EBITDA, is forecasted to climb into the mid-5x range–above S&P’s previous threshold for a downgrade, the agency said.
The outlook is stable.
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