Advantage Solutions

Refinancing pushed maturities to 2030 and reduced near‑term refinance risk, but leverage is still meaningful: LTM adjusted EBITDA of ~$341 million vs net debt of ~$1.45 billion and net leverage of 4.2x. Q1 2026 interest expense was ~$34.8 million and full‑year net interest is guided to $160–$170 million, indicating tight coverage.

Liquidity ended Q1 with ~$144 million cash and an undrawn ABL, but the capital structure remains the key constraint. S&P’s B‑ rating and stable outlook reflect this balance of improvements and ongoing headwinds.