Advantage Solutions (ADV) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$3,605	$929	(0.3%)	$3,602	(0.1%)
Adj. EBITDA	$108	($70)	5.5%	$131	20.6%
Free Cash Flow	$105	($109)	(260.3%)	($24)	(123.2%)
Net Debt, end of period	$1,405	$1,513		$1,429	1.7%
Net Debt / Adj. EBITDA	13.0x	13.5x		10.9x	-2.1x
Total Liquidity, end of period	$527	$418		$503	(4.6%)

The credit over the next year

Advantage Solutions is a labor-heavy services credit at about 4.6x net leverage, so the next year turns on whether fast growth in in-store sampling events (Experiential, up 14% to 23% a quarter) keeps outrunning a Branded Services book that has shrunk 10% to 20% a quarter on client losses, insourcing and lower pass-through spending. Margin is the second lever: cost of revenues, mostly hourly field wages, has crept up to 86% to 88% of revenue in 2026, and the new restructuring is meant to take out about $25mm a year net. Each point of cost ratio is roughly $9mm of quarterly EBITDA against about $39mm of quarterly cash interest.

Leverage falls from 13.0x to 10.9x over the next four quarters on the starting case.
The company burns $24mm of cash over the next year on the starting case, so liquidity has to fund it.
Net debt is roughly unchanged from $1.40bn to $1.43bn.
Liquidity a year out is $503mm, against $527mm today.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$131.3
2030 Term Loan Facility	1,015.2	100.0%	N/a	9.4x	Neutral
9.000% Senior Secured Notes due 2030	561.4	100.0%	9.00%	14.6x	Neutral
6.50% Senior Secured Notes due 2028 (stub left after the March 2026 exchange)	2.0	100.0%	6.50%	14.6x	Bearish
Total Debt	$1,535.9			14.2x
Net Debt	$1,404.6			13.0x

Last Twelve Months

Revenue	$3,605
Implied Costs	(3,497)
Adj. EBITDA	$108
(-) Interest Expense	(147)
(-) Capex	(9)
Memo: FCF	$105
Total Liquidity	$527.0

Next 12 months, starting case▶ Revenue $3.60bn → $3.60bn▲ Adj. EBITDA $108mm → $131mm▼ Free cash flow $105mm → -$24mm▼ Net leverage 13.0x → 10.9x▼ Liquidity $527mm → $503mm

Advantage Solutions

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$131.3
Undrawn Revolver ($500mm facility)			395.7
Total Liquidity			$527.0

2030 Term Loan Facility	S + 600	4/19/2030	1,015.2	100.0%	N/a	N/a	N/a	Neutral
9.000% Senior Secured Notes due 2030	9.00%	11/15/2030	561.4	100.0%	9.00%	3/11/2026 @ 100	9.00%	Neutral
Total Secured Debt			$1,576.6						1.5x	19.1x	5.3x	9.1x	14.1x	14.6x	12.1x	11.8x
Net Secured Debt			$1,445.3						1.4x	17.5x	4.9x	8.3x	12.9x	13.4x	11.1x	10.8x

6.50% Senior Secured Notes due 2028 (stub left after the March 2026 exchange)	6.50%	11/15/2028	2.0	100.0%	6.50%	11/15/2025 @ 100	6.50%	Bearish
Other debt, discounts and issuance costs	N/a	N/a	(42.7)
Total Debt			$1,535.9						1.5x	18.6x	5.2x	8.9x	13.7x	14.2x	11.8x	11.5x
Net Debt			$1,404.6						1.4x	17.0x	4.7x	8.1x	12.6x	13.0x	10.9x	10.9x
						Adj. EBITDA			$1,034	$83	$296	$174	$112	$108	$131	$134

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$3,602	$3,646	$3,900	$3,566	$3,543	$3,605	$3,602	$3,602
Y/Y Growth		1.2%	7.0%	(8.6%)	(0.7%)		(0.1%)	0.0%
Implied Costs	(2,568)	(3,564)	(3,604)	(3,393)	(3,431)	(3,497)	(3,472)	(3,469)
Adj. EBITDA	$1,034	$83	$296	$174	$112	$108	$131	$134
Margin	28.7%	2.3%	7.6%	4.9%	3.2%	3.0%	3.6%	3.7%
(-) Restructuring and other cash add-backs	1	--	--	(30)	(1)	(8)	--	--
Cash EBITDA	$1,035	$83	$296	$144	$111	$100	$131	$134
(-) Interest Expense (Cash Only)	(138)	(127)	(175)	(163)	(143)	(147)	(141)	(141)
(-) Cash Taxes	--	--	--	--	(19)	(5)	(5)	(5)
(-) Capex	(31)	(12)	(21)	(8)	(7)	(9)	(9)	(9)
(+/-) Working Capital and Other	(772)	149	107	113	113	166	--	--
Memo: FCF	$95	$92	$208	$85	$55	$105	($24)	($21)
% of Debt	6.2%	6.0%	13.5%	5.6%	3.6%	6.8%	(1.6%)	(1.4%)

Liquidity

Unrestricted Cash	$131.3
Undrawn Revolver	395.7
Total Liquidity	$527.0
(-) Debt due through 2028	(2.0)
(+/-) Free cash flow, last twelve months	104.8
Liquidity after maturities and a year of cash flow	$629.8

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

The governing debt documents are listed and linked below. The review of baskets and loopholes, and the score, have not been run for this company yet.

All debt documents

Mar 11, 2026Super Priority Credit Agreement dated March 11, 2026 (Advantage Sales & Marketing Inc., Karman Intermediate Corp., Bank of America as agent). Includes the form of junior lien intercreditor agreement as Exhibit K. · credit agreement · 2030 Term Loan Facility
Mar 11, 2026Indenture dated March 11, 2026 for the 9.000% Senior Secured Notes due 2030 (Wilmington Trust as trustee and collateral agent). Includes the form of note and the form of junior lien intercreditor agreement. · indenture · 9.000% Senior Secured Notes due 2030
Mar 11, 2026Third Amendment to ABL Revolving Credit Agreement dated March 11, 2026. Exhibit A is the marked, conformed ABL credit agreement as amended. · ABL or receivables facility · 2030 ABL revolver
Mar 11, 2026Amended and Restated Intercreditor Agreement dated March 11, 2026 (ABL intercreditor; attached as Exhibit F to the Third Amendment to the ABL credit agreement, in the same file) · intercreditor or security agreement · 2030 ABL revolver, 2030 Term Loan Facility and 9.000% Senior Secured Notes due 2030
Mar 11, 2026ABL Security Agreement as amended (Exhibit D) and Amended and Restated ABL Canadian Security Agreement dated March 11, 2026 (Exhibit E), both attached to the Third Amendment to the ABL credit agreement, in the same file · intercreditor or security agreement · 2030 ABL revolver
Feb 6, 2026Transaction Support Agreement dated February 6, 2026 among Advantage Sales & Marketing Inc., other company parties and the supporting noteholders and term lenders · exchange or support agreement · March 2026 exchange of the 6.50% notes and refinancing of the term loan (led to the 2030 Term Loan Facility and the 9.000% Senior Secured Notes due 2030)
Feb 23, 2026Second Supplemental Indenture dated February 23, 2026 to the 2020 indenture (removes most covenants, guarantees and collateral from the remaining 6.50% notes) · supplemental indenture · 6.50% Senior Secured Notes due 2028 (stub left after the March 2026 exchange)
Oct 28, 2020Indenture dated October 28, 2020 for the 6.50% Senior Secured Notes due 2028 (Advantage Solutions FinCo LLC, Advantage Sales & Marketing Inc., Wilmington Trust as trustee and collateral agent). Includes the form of note. · indenture · 6.50% Senior Secured Notes due 2028 (stub left after the March 2026 exchange)
Dec 2, 2022First Supplemental Indenture dated December 2, 2022 to the 2020 indenture (adds HyprMX Mobile LLC and IDR Marketing Partners, LLC as guarantors) · supplemental indenture · 6.50% Senior Secured Notes due 2028 (stub left after the March 2026 exchange)
Oct 28, 2020ABL Revolving Credit Agreement dated October 28, 2020 (original text; now read as amended through the Third Amendment) · ABL or receivables facility · 2030 ABL revolver
Dec 2, 2022Second Amendment to ABL Revolving Credit Agreement dated December 2, 2022 · ABL or receivables facility · 2030 ABL revolver
Oct 28, 2021First Amendment to ABL Revolving Credit Agreement dated October 28, 2021 · ABL or receivables facility · 2030 ABL revolver
Oct 28, 2020First Lien Credit Agreement dated October 28, 2020 (old term loan; terminated March 11, 2026) · credit agreement · Old term loan due October 2027 (replaced by the 2030 Term Loan Facility) · repaid
Apr 17, 2024Amendment No. 3 to First Lien Credit Agreement dated April 17, 2024 · credit agreement amendment · Old term loan due October 2027 (replaced by the 2030 Term Loan Facility) · repaid
May 24, 2023Amendment No. 2 to First Lien Credit Agreement dated May 24, 2023 · credit agreement amendment · Old term loan due October 2027 (replaced by the 2030 Term Loan Facility) · repaid
Oct 28, 2021Amendment No. 1 to First Lien Credit Agreement dated October 28, 2021 · credit agreement amendment · Old term loan due October 2027 (replaced by the 2030 Term Loan Facility) · repaid

Scores and summaries are an analyst-style reading of the documents produced with AI and checked against the text. They are not legal advice. Read the document before relying on any point.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$3,602	$3,646	$3,900	$3,566	$3,543	$3,605	$3,602	$3,602
Y/Y Growth		1.2%	7.0%	(8.6%)	(0.7%)		(0.1%)	0.0%
Implied Costs	(2,568)	(3,564)	(3,604)	(3,393)	(3,431)	(3,497)	(3,472)	(3,469)
Adj. EBITDA	$1,034	$83	$296	$174	$112	$108	$131	$134
Margin	28.7%	2.3%	7.6%	4.9%	3.2%	3.0%	3.6%	3.7%
(-) Restructuring and other cash add-backs	1	--	--	(30)	(1)	(8)	--	--
Cash EBITDA	$1,035	$83	$296	$144	$111	$100	$131	$134
(-) Interest Expense (Cash Only)	(138)	(127)	(175)	(163)	(143)	(147)	(141)	(141)
(-) Cash Taxes	--	--	--	--	(19)	(5)	(5)	(5)
(-) Capex	(31)	(12)	(21)	(8)	(7)	(9)	(9)	(9)
(+/-) Working Capital and Other	(772)	149	107	113	113	166	--	--
Memo: FCF	$95	$92	$208	$85	$55	$105	($24)	($21)
% of Debt	6.2%	6.0%	13.5%	5.6%	3.6%	6.8%	(1.6%)	(1.4%)

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Experiential Services revenue growth % change vs prior-year quarter	21.6	22.8	19.7	14.3	11.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$4.1mm on revenue	47
Branded Services revenue growth % change vs prior-year quarter	-10.4	-11.3	-20.1	-20.0	-20.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$2.5mm on revenue	(50)
Retailer Services revenue growth % change vs prior-year quarter	1.3	4.2	2.8	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$2.4mm on revenue	--
Cost of revenues as a share of revenues % of total revenues	86.1	87.6	88.1	85.9	86.1	87.6	88.1	85.9	86.1	87.6	88.1	85.9	$9.0mm on cost of revenue	--
SG&A as a share of revenues % of total revenues	9.1	6.1	5.7	6.8	8.8	5.4	5.0	6.1	8.4	5.4	5.0	6.1	$9.0mm on SG&A	(22)

Advantage Solutions is a labor-heavy services credit at about 4.6x net leverage, so the next year turns on whether fast growth in in-store sampling events (Experiential, up 14% to 23% a quarter) keeps outrunning a Branded Services book that has shrunk 10% to 20% a quarter on client losses, insourcing and lower pass-through spending. Margin is the second lever: cost of revenues, mostly hourly field wages, has crept up to 86% to 88% of revenue in 2026, and the new restructuring is meant to take out about $25mm a year net. Each point of cost ratio is roughly $9mm of quarterly EBITDA against about $39mm of quarterly cash interest.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$932	$870	$890	$914	$929	$870	$890	$914	$929	$870	$890	$914
Y/Y Growth	4.5%	5.8%	1.8%	(0.1%)	(0.3%)	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	($74)	$58	$57	$67	($70)	$64	$63	$73	($67)	$64	$63	$73
Margin	(7.9%)	6.7%	6.4%	7.3%	(7.5%)	7.3%	7.1%	8.0%	(7.2%)	7.3%	7.1%	8.0%
Free Cash Flow	$68	$12	($16)	$41	($109)	$25	$25	$35	($106)	$25	$25	$35
Cash, end of period	241	144	102	131	23	48	72	107	2	27	51	86
Total Debt, end of period	1,674	1,547	1,541	1,536	1,536	1,536	1,536	1,536	1,536	1,536	1,536	1,536
Net Debt / Adj. EBITDA	12.9x	10.4x	11.0x	13.0x	13.5x	12.6x	11.8x	10.9x	11.5x	11.3x	11.1x	10.8x

Revenue is built from one revenue line, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Nov 4, 2026

Slides Webcast and audio replay Investor relations site

Revenue held flat but Adjusted EBITDA fell 14% as Branded Services kept sliding; the company launched a $25 million cost program and reaffirmed full-year guidance.

Takeaways

Net revenue was $782 million, up 0.1%, or about 1% excluding divestitures. Experiential Services grew about 11.5% on net revenue and Retailer Services grew 1%, while Branded Services net revenue fell about 13%.
Adjusted EBITDA fell 14.2% to $85 million and the margin dropped to 10.9% from 12.7%. Branded Services EBITDA fell 58%, from client losses and a shift away from higher-margin headquarter sales and agency work.
Cash flow was the strong spot. Adjusted unlevered free cash flow was $99 million, or 116% of EBITDA, helped by working capital. DSO improved to 60 days with a target near 55 days.
Net leverage was 4.6x, flat with Q2. Gross debt was $1.58 billion and net debt $1.45 billion. Cash was $131 million and ABL availability about $396 million, net of $62 million in letters of credit.
A Phase II restructuring targets about $25 million of annualized net savings, mostly actioned in Q4, plus $5 million or more over time. More restructuring charges are coming, with the size not yet disclosed.
The Workday rollout was paused, causing an $8.1 million noncash impairment. The quarter swung to a $25.1 million net loss from $20.6 million of net income a year ago.

Debt and capital

Debt at September 30, 2026: $1,015 million term loan due 2030, $561 million of 9.0% senior secured notes due 2030, and $2 million of 6.5% notes due 2028 left over.
The March 2026 refinancing exchanged the 2028 notes into new 9.0% 2030 secured notes with cash consideration, replaced the term loan with a $1.035 billion 2030 facility after an $80.9 million paydown, and amended the ABL.
About 71% of debt is hedged or fixed, including a $50 million pay-fixed swap effective October 15, 2026.
Free cash flow will go mainly to paying down debt. The long-term net leverage target is below 3.5x.
Share buybacks are limited to offsetting dilution, to keep cash for deleveraging.

Guidance

Full-year 2026 net revenue held at flat to up low single digits, excluding divestitures.
Full-year Adjusted EBITDA held at flat to down mid single digits, excluding divestitures.
Adjusted unlevered free cash flow held at $250 to $275 million. Net free cash flow conversion held at about 25% of EBITDA, excluding refinancing costs.
Capex cut to $40 to $45 million from $45 to $55 million. Net interest expense lowered to about $155 million from about $160 million.
2027 capex still expected at about $35 to $40 million. Management flagged a wide range of possible Q4 outcomes given market uncertainty.
Segment outlook: sequential profit improvement in Branded Services in Q4, double-digit revenue and EBITDA growth in Experiential Services for Q4 and the year, and a tougher Q4 comparison in Retailer Services.

Tone: Guarded but steady: guidance and cash targets held, but Branded Services weakness drove a cost reset and weaker profits.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release and earnings slides only. The company does not publish a transcript or prepared remarks on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Revenue was flat and adjusted EBITDA fell 14% as Branded Services weakened; full-year guidance was kept and a restructuring announced.

Results

Third quarter revenue was $914mm, down 0.1% from $915mm a year earlier. Revenue net of reimbursable expenses was $782mm, up 0.1%.
Adjusted EBITDA was $85mm, down 14.2% from $100mm. Adjusted EBITDA margin was 9.3% against 10.9%.
Net loss was $25mm against net income of $21mm a year earlier. The quarter included an $8mm impairment of long-lived assets.
Cash from operations was $51mm and capital spending was $10mm in the quarter. The company's adjusted unlevered free cash flow was $99mm, or 115.6% of adjusted EBITDA.
For the nine months, revenue was $2.67bn, up 2.4%, and adjusted EBITDA was $229mm, down 6.2%.

Why

Branded Services revenue fell 20.0% to $231mm and its adjusted EBITDA fell 57.7% to $18mm. The company cites client losses and a weaker mix, with less higher-margin headquarter sales and agency work.
Experiential Services revenue rose 14.3% to $432mm with events per day up 13.5%, but its adjusted EBITDA was flat at $35mm. The company says pricing is starting to offset labor investments.
Retailer Services revenue rose 1.0% to $251mm and its adjusted EBITDA rose 43.3% to $32mm, helped by project demand, cost control and tariff refunds.
A restructuring was announced that targets about $25mm of annualized net savings in the near term and at least $5mm more over time.

Balance sheet and guidance

Cash was $131mm at September 30, 2026, down from $241mm at December 31, 2025. Gross debt was $1.58bn.
Net leverage as the company states it was 4.6x net debt to last-twelve-month adjusted EBITDA of $317mm.
Principal payments on long-term debt were $144mm in the nine months, and the company paid $14mm of fees to modify its credit line.
Full-year 2026 guidance was held: revenue net of reimbursable expenses flat to up low single digits, and adjusted EBITDA flat to down mid single digits.
Unlevered free cash flow is still expected at $250mm to $275mm, with net free cash flow at about 25% of adjusted EBITDA before incremental refinancing costs.
Capital spending is now expected at $40mm to $45mm, trimmed from $45mm to $55mm in August, and net interest expense at about $155mm, down from about $160mm.
For the fourth quarter the company expects Branded Services profitability to improve from the third quarter, and Experiential Services to grow revenue and adjusted EBITDA by double digits.

What to watch

Whether Branded Services stops shrinking. The segment's adjusted EBITDA fell by more than half and the company is counting on restructuring savings to lift it in the fourth quarter.
Net leverage of 4.6x on last-twelve-month adjusted EBITDA of $317mm. Third quarter adjusted EBITDA fell 14.2%, so a weak fourth quarter would push leverage higher.
Cash fell by $110mm in the nine months after debt paydown, refinancing fees and share buybacks. Watch cash restructuring costs against the unlevered free cash flow target of $250mm to $275mm.

From the company's press release filed Nov 4, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Nov 4, 20268-K for Nov 4, 2026: Results · Press release · Presentation or supplement
Aug 5, 20268-K for Aug 5, 2026: Results · Press release · Presentation or supplement
May 6, 20268-K for May 6, 2026: Results · Press release · Presentation or supplement
Mar 3, 20268-K for Mar 3, 2026: Results · Press release · Presentation or supplement
Nov 6, 20258-K for Nov 6, 2025: Results · Press release · Presentation or supplement
Aug 7, 20258-K for Aug 7, 2025: Results · Press release · Presentation or supplement
May 12, 20258-K for May 12, 2025: Results · Press release · Presentation or supplement
Mar 7, 20258-K for Mar 7, 2025: Results · Press release · Presentation or supplement

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Nov 2, 20268-K for Oct 30, 2026: Director or officer change
Oct 19, 20268-K for Oct 15, 2026: Bylaw change
Oct 5, 20268-K for Oct 1, 2026: Director or officer change
May 28, 20268-K for May 27, 2026: Shareholder vote
Mar 31, 20268-K for Mar 26, 2026: Director or officer change
Mar 26, 20268-K for Mar 26, 2026: Bylaw change
Mar 17, 20268-K for Mar 16, 2026: Shareholder vote; Regulation FD
Mar 11, 20268-K for Mar 9, 2026: Material agreement; Agreement terminated; New debt
Feb 24, 20268-K for Feb 23, 2026: Material agreement; Regulation FD
Feb 20, 20268-K for Feb 17, 2026: Director or officer change
Feb 9, 20268-K for Feb 6, 2026: Material agreement; Regulation FD; Other event
Jan 9, 20268-K for Jan 7, 2026: Listing notice
Aug 22, 20258-K for Aug 18, 2025: Director or officer change
Aug 8, 20258-K for Aug 8, 2025: Director or officer change; Regulation FD
Jun 11, 20258-K for Jun 10, 2025: Director or officer change
May 29, 20258-K for May 28, 2025: Shareholder vote
Mar 21, 20258-K for Mar 19, 2025: Director or officer change
Mar 7, 20258-K for Mar 5, 2025: Director or officer change; Regulation FD
Jan 3, 20258-K for Jan 2, 2025: Director or officer change
Aug 7, 20248-K for Aug 7, 2024: Regulation FD

Proxy statements 3

Other filings 8

Oct 29, 202525-NSE
Nov 18, 2021424B3
Nov 18, 2021424B3
Aug 9, 2021424B3
Aug 9, 2021424B3
May 26, 2021424B3
May 26, 2021424B3
May 17, 202110-K/A for Dec 31, 2020

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Rating actions

Mar 23, 2026Moody's: Withdrew the Caa2 rating on the 6.50% senior secured notes due 2028 at the issuer's request. After the exchange, only a small stub of the 2028 notes remained, stripped of most covenants, guarantees and collateral. · source
Feb 13, 2026S&P: Downgraded issuer rating from B and placed ratings on CreditWatch negative. The exchange offer for the term loan and 2028 notes was uncertain to succeed, and broad lender rejection would likely have been treated as a selective default, while 2025 earnings and interest coverage weakened. · source
Jun 5, 2025S&P: Affirmed B issuer rating, outlook revised to negative from stable; first-lien term loan and secured notes lowered to B from B+, recovery rating to 3 from 2. First quarter 2025 organic revenue fell about 5% and adjusted leverage was forecast near 6.8x at year-end, while asset sales cut expected recovery value. · source

Coming up

Mar 2, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Nov 15, 2028Maturity. 6.50% Senior Secured Notes due 2028 (stub left after the March 2026 exchange): $2mm outstanding comes due.

Advantage Solutions ADV