Advantage Sales shops $350 million incremental term B-2 at 97.6 OID

By Sara Rosenberg

New York, Feb. 9 – Advantage Sales & Marketing Inc. is talking its fungible $350 million incremental covenant-light term loan B-2 (B) due July 25, 2021 at an original issue discount of 97.6, according to a market source.

Pricing on the incremental loan matches existing term loan pricing at Libor plus 325 basis points with a 1% Libor floor.

The incremental and the existing term loan B-2 will get 101 soft call protection for six months, the source said.

The term loan has amortization of 1% per annum.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, CB&T and Jefferies LLC are the arrangers on the deal that launched with a lender call late Thursday. Other arrangers to be announced may join the transaction.

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

Proceeds will be used to consolidate Daymon Worldwide into Advantage Sales to create a single credit group by paying off the outstanding Daymon credit facilities and to provide funding for acquisitions under letters of intent.

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

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