Advantage Sales ups revolver to $500 million, extends to 2027

By Mary-Katherine Stinson

Lexington, Ky., Dec. 6 – Advantage Sales & Marketing Inc. as the borrower along with Karman Intermediate Corp. and certain other subsidiaries on Dec. 2 entered a second amendment to its ABL revolving credit agreement, increasing the commitments to $500 million and extending the maturity to Dec. 2, 2027, according to an 8-K filing with the Securities and Exchange Commission.

Previously, the total commitments were $400 million.

The amendment also replaced the eurocurrency rate with SOFR for applicable dollar-denominated borrowings.

The applicable interest rate pricing based on the average historical excess availability was reduced by 25 basis points annually for each tier regarding SOFR, alternative currency, base rate and Canadian prime rate borrowings.

Interest will start at SOFR plus 225 bps. The three-tier grid, based on availability, is 175 bps to 225 bps.

The commitment fee will either be 25 bps or 37.5 bps, based on usage.

Bank of America, NA remains as the administrative agent.

Bank of America, NA, MUFG Union Bank, NA, PNC Bank, NA and Wells Fargo Bank, NA are the lead arranger, bookrunners and co-documentation agents.

The amendment amends the company’s ABL revolving credit agreement dated Oct. 28, 2020.

The borrower is a subsidiary of Advantage Solutions Inc., an Irvine, Calif.-based provider of outsourced sales and marketing services to consumer goods manufacturers and retailers.

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