This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Jan. 14, 2026--S&P Global Ratings today said that it doesn't anticipate its ratings on Orion Advisor Solutions Inc.'s (B-/Stable/--) will be affected by the company's proposed repricing and upsizing of its debt. Orion plans to raise a $1.188 billion first-lien term loan B, which it will use the proceeds from--along with $31 million of balance sheet cash--to repay its existing $1.138 billion term loan B and a portion of its preferred equity. Pro forma for the transaction, we expect the company will improve its leverage and interest coverage to 9.8x and 1.2x, respectively, from 10.0x and 1.1x currently. Although currently elevated, Orion has continued to improve its
