Team Services to launch $400 million credit facilities on Thursday

By Sara Rosenberg

New York, Oct. 7 – Team Services Group is set to hold a lender call at 10:30 a.m. ET on Thursday to launch $400 million of credit facilities, according to a market source.

Credit Suisse Securities (USA) LLC and Jefferies LLC are the lead arrangers on the deal.

The facilities consist of a $30 million revolver, a $285 million seven-year covenant-lite first-lien term loan and an $85 million eight-year covenant-lite second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Proceeds will be used to fund the acquisition of the company by Alpine Investors and co-investors.

Commitments are due at 5 p.m. ET on Oct. 21, the source added.

Team Services is a provider of employment administration and risk management solutions that facilitate self-directed home care.

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