Advantage Solutions Inc. (ADV): debt financing — Advantage Solutions increases ABL revolver to $500M, extends maturity to Dec 2027

The ABL Amendment was entered into by the Borrower to amend certain terms and provisions of the ABL Agreement, including, among other things: (i) increasing the aggregate amount of maximum revolving commitments available from $400 million to $500 million; (ii) replacing the Eurocurrency Rate interest rate metric with a metric based on Term SOFR (as defined in the Amended ABL Agreement), whereby applicable borrowings in United States dollars will bear interest at a floating rate based on Term SOFR plus an applicable margin; (iii) reducing each applicable interest rate pricing tier based on the Average Historical Excess Availability (as defined in the Amended ABL Agreement) with respect to Term SOFR borrowings, Alternative Currency borrowings, base rate borrowings and Canadian Prime Rate borrowings, in each case for each pricing tier by 0.25% per annum; and (iv) extending the scheduled maturity date of the borrowings to December 2, 2027.

On December 2, 2022 (the “ ABL Amendment Effective Date ”), Advantage Sales & Marketing Inc. (the “ Borrower ”), an indirect wholly-owned subsidiary of Advantage Solutions Inc. (the “ Company ”), together with Karman Intermediate Corp., a Delaware corporation (“ Holdings ”) and certain of the Borrower’s subsidiaries, entered into the Second Amendment to ABL Revolving Credit Agreement (the “ ABL Amendment ”), which amends the ABL Revolving Credit Agreement, dated as of October 28, 2020 (as amended, restated, supplemented, extended or otherwise modified prior to the ABL Amendment Effective Date, the “ ABL Agreement ”; the ABL Agreement, as amended by the ABL Amendment, the “ Amended ABL Agreement ”), by and among the Borrower, Holdings, the lenders from time to time party thereto and Bank of America, N.A. (“ Bank of America ”), as administrative agent, and the other parties thereto. The ABL Amendment was entered into by the Borrower to amend certain terms and provisions of the ABL Agreem