Advantage Solutions Exchanges $590M of 6.5% Notes for 9% 2030 Debt and $74 Cash
Advantage Solutions obtained valid tenders of $589.883 million (99.13%) of its 6.50% senior secured notes due 2028, meeting the 99% threshold for its exchange offer and consent solicitation. Tendering holders will swap notes for 9.000% senior secured notes due 2030 and receive $74.06 cash per $1,000 note.
1. Early Tender Secures Over 99% of Notes
As of February 23, holders tendered $589.883 million, or 99.13% of the outstanding $595.087 million principal amount of 6.50% Senior Secured Notes due 2028, satisfying the required threshold for the exchange offer and consent solicitation.
2. Covenant, Guarantor and Collateral Release Approved
With the requisite consents obtained, the company executed supplemental indentures to adopt amendments that eliminate most affirmative and negative covenants, terminate change-of-control and default provisions, release subsidiary guarantees and collateral securing the existing notes.
3. New Notes Terms and Settlement Date
Tendering investors will exchange each $1,000 of existing notes for $946.77 of 9.000% Senior Secured Notes due 2030 plus $74.06 cash if they met the early tender deadline, with a March 11, 2026 settlement date; later tenders receive $925.94 in new notes and $74.06 cash.