Advantage Sales lifts tack-on loan to $325 million, revises OID to 99½

By Sara Rosenberg

New York, Dec. 12 - Advantage Sales and Marketing Inc. upsized its fungible tack-on first-lien covenant-light term loan (B1) due December 2017 to $325 million from $225 million, according to a market source.

Also, the original issue discount on the loan was tightened to 99½ from 99, the source said.

As before, the loan is priced at Libor plus 325 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing, and has 101 soft call protection through February 2014.

Recommitments are due at noon ET on Friday, the source added.

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

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

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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