Advantage Sales firms $1.32 billion term loan B floor at 0.75%

By Sara Rosenberg

New York, Oct. 22 – Advantage Sales & Marketing Inc. set the Libor floor on its $1.318 billion secured term loan B (BB-) due Oct. 28, 2027 at 0.75%, the high end of the 0.5% to 0.75% talk, according to a market source.

Pricing on the term loan remained at Libor plus 450 basis points with a par issue price.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

BofA Securities Inc. is the lead on the deal.

Proceeds will be used to reprice an existing term loan B down from Libor plus 525 bps with a 0.75% Libor floor.

Advantage Sales is an Irvine, Calif.-based provider of outsourced sales and marketing services to consumer goods manufacturers and retailers.

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