On Assignment seeks $500 million credit facility for refinancing

By Sara Rosenberg

New York, May 1 - On Assignment Inc. is in market with a $500 million senior secured credit facility (Ba2), according to sources.

Wells Fargo Securities LLC and Bank of America Merrill Lynch are the lead banks on the deal that launched on Tuesday.

The facility consists of a $125 million five-year revolver, a $100 million five-year term loan A and a $275 million seven-year term loan B, sources said.

The revolver and term loan A are talked at Libor plus 200 basis points, and the term loan B is talked at Libor plus 275 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, sources said.

Proceeds will be used to refinance existing debt.

On Assignment is a Calabasas, Calif.-based provider of professionals in the technology, health care and life sciences sectors.

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