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On Assignment $165 million credit facility to launch Monday
By Sara Rosenberg
New York, Jan. 4 - On Assignment Inc. has scheduled a bank meeting for Monday in New York to launch its proposed $165 million senior secured credit facility, according to a market source.
UBS is the lead bank on the deal.
The facility consists of a $20 million revolver that will be undrawn at close and a $145 million term loan, with both tranches talked at Libor plus 225 basis points, the source said.
Proceeds will be used to help fund the acquisition of Oxford Global Resources, Inc. for $190 million in cash and $10 million in common stock.
The transaction is expected to close by late January/early February.
Leverage will be 3.3 times net debt to last 12 months adjusted EBITDA.
On Assignment is a Calabasas, Calif., professional staffing firm. Oxford is a Beverly, Mass., provider of high-end information technology and engineering staffing services.
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