Advantage Sales to launch $225 million tack-on term loan on Tuesday

By Sara Rosenberg

New York, Dec. 2 - Advantage Sales and Marketing Inc. is scheduled to hold a conference call at 10:30 a.m. ET on Tuesday to launch a fungible $225 million tack-on first-lien covenant-light term loan due December 2017, according to a market source.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

The tack-on is talked at Libor plus 325 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing, and an original issue discount of 99, the source said.

The tack-on has 101 soft call protection through February 2014, like the existing loan.

Proceeds will be used to purchase the remainder of Waypoint LLC that it does not currently own and for general corporate purposes.

Commitments are due on Dec. 10, the source added.

Advantage Sales is an Irvine, Calif.-based sales and marketing agency. Waypoint is a sales and marketing company focused on the foodservice industry.

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