Advantage Solutions announces $1.15 billion two-part notes offering

By Paul A. Harris

Portland, Ore., Feb. 20 – Advantage Solutions Inc. announced in a Thursday press release that it has commenced a $1.145 billion two-part offering of high-yield notes to be issued by its wholly owned, indirect subsidiary Advantage Sales & Marketing Inc.

Although lead bookrunner BofA Securities Inc. has yet to step forward with details on timing, the structure and initial price talk are known to the market, sources say.

The deal will feature a $345 million tranche of 6.5-year senior secured notes, with initial talk in the mid-to-high 6% area, and $800 million of seven-year senior unsecured notes with initial talk in the high 10% area.

The notes in both tranches come with three years of call protection.

The Irvine, Calif.-based business solutions provider plans to use the proceeds, together with a new term loan and revolver, and a proposed equity contribution, to repay its existing senior secured first-lien term loan facility and its existing senior secured second-lien facility, and fund additional cash on the balance sheet.

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