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S&P puts Victory Capital on watch
S&P said it placed its BB issuer credit and issue-level ratings on Victory Capital Holdings Inc. on CreditWatch with negative implications. The recovery rating on the company's first-lien facility remains 3, indicating meaningful (50%) recovery prospects in the event of a default.
The CreditWatch action follows Victory's announcement that it has entered into an agreement to acquire Harvest Volatility Management LLC, an asset management firm that focuses on option-related offerings such as yield enhancement overlay, risk reduction, and alternative beta strategies.
The transaction, valued at $300 million, is likely to close during the first quarter of 2019 and will be funded with a combination of debt, stock, and existing balance sheet cash.
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