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S&P rates Advantage Sales loan B
S&P said it gave Advantage Sales & Marketing Inc.’s planned $1.6 billion first-lien term loan preliminary B and 3 recovery ratings. The 3 rating indicates an expectation for meaningful recovery for secured creditors in a default.
The company plans to use the loan proceeds and $500 million of other pari passu senior secured debt to provide a portion of funds to refinance its debt connected with its parent’s planned merger with special-purpose acquisition company Conyers Park II Acquisition Corp.
Conyers and ASM’s financial sponsors will contribute more than $1 billion of equity, which will be used to repay debt. S&P said it sees assigning ASM and its parent Advantage Solutions Inc. a B issuer rating.
S&P affirmed all of Advantage’s ratings, including the CCC+ issuer credit ratings, on ASM and its parent, Advantage Solutions Inc., and maintained the CreditWatch, where they were placed with positive implications on Sept. 10.
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