Advantage Sales to launch $2.76 billion credit facility on Monday

By Sara Rosenberg

New York, June 26 – Advantage Sales & Marketing LLC will hold a bank meeting at 10 a.m. ET on Monday to launch a $2.76 billion credit facility, according to sources.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Jefferies Finance LLC are the lead banks on the deal.

The facility consists of a $200 million five-year revolver, a $1.8 billion seven-year first-lien covenant-light term loan and a $760 million eight-year second-lien covenant-light term loan, sources said.

Proceeds will be used to help fund the buyout of the company by Leonard Green & Partners LP and CVC Capital Partners from Apax Partners.

Closing is expected in the third quarter, subject to customary conditions.

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

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