Advantage Sales launches $1.53 billion term B at Libor plus 475 bps

By Sara Rosenberg

New York, Feb. 18 – Advantage Sales & Marketing Inc. launched on Tuesday its $1.525 billion first-lien covenant-lite term loan B with price talk of Libor plus 475 basis points and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company is also getting a $300 million equivalent euro first-lien covenant-lite term loan B that will launch with a bank meeting in London on Wednesday.

BofA Securities Inc. is the left lead on the deal.

Commitments are due at noon ET on Feb. 27, the source added.

Proceeds will be used to refinance existing debt.

Advantage Sales is an Irvine, Calif.-based sales and marketing agency.

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