US Special Situations: Advantage Solutions nets 99% early participation on exchange offer

US Special Situations: Advantage Solutions nets 99% early participation on exchange offer

Erica Carnevalli: Reporter - LevFin Insights

24 February 2026

Download the Full Report to gain insights on:
  • How Advantage Solutions structured its debt exchange to incentivize overwhelming early holder participation.
  • What covenant eliminations and collateral releases mean for existing and new noteholder positioning.
  • Which concurrent term loan amendments accompanied the exchange and why lender support matters.
  • How the total consideration package balances cash payments with extended maturity new notes.
  • What the settlement timeline reveals about the company’s refinancing strategy and execution approach.

Executive Summary

Advantage Solutions successfully executed a debt exchange offer for its outstanding senior secured notes. The transaction combined newly issued notes with extended maturity alongside cash consideration payments.

Early participation exceeded company expectations during the initial tender period for the exchange. Holders responded favorably to the terms proposed in the confidential offering memorandum materials.

Significant structural modifications accompanied the exchange including covenant eliminations and collateral adjustments. Furthermore, guarantor releases formed part of the comprehensive refinancing strategy and execution approach.

The withdrawal deadline passed with tendered notes and consents becoming irrevocable except limited circumstances. Settlement procedures are advancing toward completion following the successful early tender date milestone.

Concurrent term loan amendments received strong support from lenders under the existing credit facility. Overall, the coordinated transactions reflect the company’s strategic approach to managing its capital structure.

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