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On October 30, 2020, S&P Global Ratings raised its issuer credit rating on Advantage Sales & Marketing Inc. (ASM) and Advantage Solutions Inc. to B from CCC+. The upgrade reflects the successful refinancing of a large amount of debt maturing in 2021 and substantial improvement in credit metrics, despite slight changes to the original deal structure, according to the ratings agency. Advantage Solutions Inc., the parent of Advantage Sales & Marketing Inc. (ASM), has successfully completed its merger with special-purpose acquisition company Conyers Park II Acquisition Corp. and refinanced ASM's debt. The substantial equity contribution from Conyers Park and ASM's existing financial sponsors used to complete the merger and refinancing helped the Company reduce debt to about 4.9x, pro forma for the transaction, from about 7.3x on June 30, 2020.
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