NEW YORK (S&P Global Ratings) March 15, 2021--S&P Global Ratings today affirmed its 'B' issue-level rating on Orion Advisor Solutions Inc.'s senior secured facility following the company's proposed $100 million incremental add-on. The '2' recovery rating remains unchanged, indicating our expectation for substantial (70%-90%; rounded estimate: 70%) recovery for lenders in the event of a payment default. The incremental add-on will be fungible with the existing $750 million first-lien term loan maturing in September 2027. The company also expects to reprice the senior-secured facility without changing any other terms. Orion plans to use the proceeds from the add-on to fund its $100 million acquisition of Atlanta-based HiddenLevers, which is a scenario-based risk modelling technology provider serving the wealth management industry.
