Advantage Solutions Completes Major Exchange Offer and Refinancing

Paul, Weiss advised an ad hoc group of term loan lenders and bondholders in connection with a transaction support agreement, debt exchange and refinancing of Advantage Sales & Marketing Inc., a subsidiary of Advantage Solutions Inc., North America’s leading omnichannel retail solutions agency.

Under the agreement, Advantage offered term loan lenders and bondholders the opportunity to exchange their existing secured loans or bonds, as applicable, for a combination of cash consideration and longer-dated debt that has more favorable terms than those in the existing documents. The Paul, Weiss team negotiated the terms of the exchange debt, including a new covenant package. As of the early tender deadline, about 99% of the total principal amount of outstanding notes and loans have agreed to the exchange.

The Paul, Weiss team was led by partners Lauren Bilzin, Joseph Glatt and Sung Pak, and included corporate partner David Huntington and tax counsel Samir Kurani.