S&P ups Advantage Sales loan

Standard & Poor's said it revised the preliminary recovery rating on Advantage Sales & Marketing Inc.'s senior secured term loan to 4 from 3 following the increase of the senior secured term loan to $875 million from $800 million and downsize of the senior secured second-lien term loan to $350 million from $425 million.

S&P said it also affirmed the preliminary B+ corporate credit rating, the preliminary B+ senior secured first-lien rating and the preliminary B- second-lien rating.

Proceeds of the loan will be used to fund Apax Partners' purchase of the company.

The rating on Advantage reflects the expectation that the company will enhance credit metrics in the near term as a result of both better profitability and debt reduction using free cash flow, as well as the company's highly leveraged financial risk profile, S&P said.

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