Advantage Sales tightens offer price on add-on term loans to par

By Sara Rosenberg

New York, April 18 - Advantage Sales and Marketing Inc. revised the offer price on its $120 million of add-on covenant-light term loans to par from 991/2, according to a market source.

The debt consists of a $90 million add-on first-lien term loan due December 2017 and a $30 million add-on second-lien term loan due June 2018.

Pricing on the first-lien add-on is Libor plus 325 basis points, and pricing on the second-lien add-on is Libor plus 725 bps, with both having a 1% Libor floor.

Call protection on the first-and second-lien add-on loans is 101 soft call through February 2014, same as the existing call protection.

Commitments are due at 5 p.m. ET on Friday, the source added.

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

Proceeds will be used to refinance mezzanine debt.

The company is also seeking to amend its credit facility to allow for the add-ons to repay the mezzanine borrowings.

Consenting first- and second-lien lenders are being offered a 5 bps amendment fee.

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

© 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.