RCS Capital Corp. is issuing $700 million of first- and second-lien senior secured term loans, which, along with the proceeds from a planned sale of convertible securities, will be used to finance several recently announced acquisitions. We are assigning our 'B+' issuer credit rating to RCS Capital Corp. We are also assigning a 'B+' issue rating on the company's proposed $575 million senior secured first-lien credit facilities, which include a $550 million term loan and $25 million revolving credit facility, and a 'B-' issue rating on the proposed $150 million senior secured second-lien term loan. The stable outlook reflects our expectation that RCS will complete its announced acquisitions and continue to operate with minimal principal risk exposure and adequate liquidity.
