Advantage Sales launches $1.21 billion of term loans to investors

By Sara Rosenberg

New York, Feb. 5 - Advantage Sales & Marketing Inc. held a lender call at 3:30 p.m. ET on Tuesday to launch $1,208,000,000 of covenant-light term loans, according to a market source.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and UBS Securities LLC are the bookrunners on the deal.

The debt consists of a $908 million first-lien term loan (including a $50 million add-on) due December 2017 and a $300 million second-lien term loan due June 2018, the source said.

Price talk on the first-lien loan is Libor plus 325 basis points with a 1% Libor floor. The add-on is being offered at an original issue discount of 99½ and the remainder is being offered at par, the source continued.

The second-lien loan is talked at Libor plus 725 bps with a 1% Libor floor and is being offered at par.

Both term loans have 101 soft call protection for one year, the source added.

Proceeds will be used to refinance existing bank debt.

Commitments are due on Feb. 12.

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

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