On Assignment cuts spread on $275 million term B to Libor plus 250 bps

By Sara Rosenberg

New York, May 7 - On Assignment Inc. trimmed pricing on its $275 million seven-year term loan B to Libor plus 250 basis points from Libor plus 275 bps, according to a market source.

In addition, the offer price on the B loan was revised to par from 991/2, the source said.

The loan still has a 1% Libor floor and 101 soft call protection for six months.

Along with the B loan, the company's $500 million senior secured credit facility (Ba2/BB-) includes a $125 million five-year revolver and a $100 million five-year term loan A, both priced at Libor plus 200 bps.

Recommitments were due on Tuesday, the source added.

Wells Fargo Securities LLC and BofA Merrill Lynch are the lead banks on the deal.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.