By Paul A. Harris
Portland, Ore., Oct. 26 – Advantage Sales & Marketing Inc. priced an upsized $775 million issue of eight-year senior secured notes (B2/B) at par to yield 6½% on Friday, according to market sources.
The issue size increased from $500 million.
The yield printed 12.5 basis points wide of price talk in the 6¼% area. Initial guidance was in the high 5% area.
BofA Securities Inc. was at the left of a syndicate of bookrunners that also included Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC.
The Irvine, Calif.-based provider of outsourced sales and marketing services plans to use the proceeds to repay bank debt.
| Issuer: | Advantage Sales & Marketing Inc.
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| Amount: | $775 million, increased from $500 million
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| Maturity: | Nov. 15, 2028
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| Securities: | Senior secured notes
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| Bookrunners: | BofA Securities Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC
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| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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| Spread: | 581 bps
|
| Call protection: | Three years
|
| Trade date: | Oct. 23
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| Settlement date: | Oct. 28
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| Ratings: | Moody’s: B2
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| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% area
|
| Marketing: | Roadshow
|
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