Advantage Solutions Inc. (ADV): debt financing — Advantage Solutions completes debt exchange: $559M new 9% notes due 2030, $1.035B term loan

Advantage Solutions Inc.

Exchanged $590.6M of 6.50% existing notes for $559.1M of 9.000% notes due 2030 and $43.7M cash.
New term loan facility of approximately $1.035B at SOFR + 6.00%, maturing in 2030.
Amended revolving credit facility upsized to $500M, maturing earlier of 2030 or 91 days before term loan/notes.
99.24% of existing notes tendered; existing first lien credit agreement terminated.
Interest expense increases from 6.50% to 9.00% on exchanged notes, reflecting higher leverage cost.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Advantage Solutions Inc. incurred senior notes of aggregate principal amount of approximately $559.1 million of New Notes with Wilmington Trust, National Association at 9.000% per annum maturing November 15, 2030.

Instrument: senior notes
Principal: aggregate principal amount of approximately $559.1 million of New Notes
Counterparty: Wilmington Trust, National Association
Rate: 9.000% per annum
Maturity: November 15, 2030
Event: incurrence

Exact text from the filing

On the Settlement Date, the Company paid an aggregate of approximately $43.7 million in cash consideration and issued an aggregate principal amount of approximately $559.1 million of New Notes in exchange for the Tendered Notes.

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Advantage Solutions Inc. filing history →

Source: SEC EDGAR

accession 0001193125-26-102465

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