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PWD View, OpinionThe CloseThe Close

Mariner Wealth Advisors seeks $150M term loan add-on; Moody's projects 6.7x debt/EBITDA

The fungible add-on lifts the first-lien term loan B to $1.3 billion from $1.16 billion, and S&P and Moody's say the ratings are unaffected.

By PWD Editors1 source13 min read

At a glance

  1. The new money is a fungible add-on, meaning it is issued as additional principal of the existing loan rather than as a separate facility.
  2. Moody's projects Mariner's debt/EBITDA at 6.7x by year-end, nearly $7 of debt for every dollar of annual EBITDA.
  3. The $150 million add-on is roughly 13% more debt on the existing facility.

Mariner Wealth Advisors wants to add $150 million to its first-lien term loan B, taking the facility to $1.3 billion from $1.16 billion. The new money is a fungible add-on, meaning it is issued as additional principal of the existing loan rather than as a separate facility. S&P and Moody's both say the ratings are unaffected.

Moody's projects Mariner's debt/EBITDA at 6.7x by year-end, nearly $7 of debt for every dollar of annual EBITDA. The $150 million add-on is roughly 13% more debt on the existing facility.

Reported by PWD Editors from Daily Network coverage: Mariner Wealth Advisors seeks $150 million loan add-on. Published . Corrections

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