Advantage Sales to hold Wednesday bank meeting for $975 million loans

By Paul A. Harris

St. Louis, April 5 - Advantage Sales & Marketing will hold a Wednesday bank meeting for $975 million of new credit facilities (expected ratings B2/B), according to an informed source.

The deal is comprised of a $625 million first-lien term loan talked with a Libor plus 375 basis points coupon, to price at 99.

In addition, the deal features a $275 million second-lien term loan talked with a Libor plus 750 bps coupon, pricing at 98.5.

There is also a $75 million revolver, talked with a Libor plus 375 bps coupon at 98.

There is an across-the-board 2% Libor floor.

Credit Suisse is the lead bookrunner and administrative agent. Bank of America Merrill Lynch and UBS Investment Bank are joint bookrunners.

Proceeds will be used to refinance debt and partially fund a dividend.

The prospective issuer is a consumer packaged goods sales and marketing agency based in Irvine, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.