Irvine-based Advantage Solutions Inc. is trying another tack at raising capital, after going quiet about plans for an initial public offering in 2017.
The company, which sells products and services aimed at helping its customers in the retail and consumer goods spaces on the sales, marketing, merchandising and digital fronts, said late last month it was offering $345 million in senior secured notes due 2026 and another $800 million in unsecured notes due 2027.
Proceeds from the offerings, along with a pair of new credit facilities, will be used to pay off existing loans and “to place additional cash on the balance sheet,” it said. Terms of the notes offering were undisclosed.
Outside of a steady stream of acquisitions in more recent years, the private offering is the biggest news out of the company since its 2017 IPO filing.
Advantage never set a price range target in its filing and instead used a $100 million placeholder. The company also said it planned to use money raised in its IPO to repay debt which, at the time, amounted to $760 million outstanding on a term loan, according to regulatory filings.
Industry watchers at the time predicted the company’s market cap could run in the range of $3 billion to $4 billion.
