On Assignment to launch $656 million term loan B repricing on Friday

By Sara Rosenberg

New York, Feb. 9 – On Assignment Inc. is scheduled to hold a lender call on Friday to launch a repricing of its $656 million term loan B that is talked at Libor plus 225 basis points with no Libor floor and a par issue price, according to a market source.

The repriced term loan B includes 101 soft call protection for six months, the source said.

Wells Fargo Securities LLC is the lead bank on the deal.

The repricing will take the term loan down from Libor plus 275 bps with a 0.75% Libor floor.

Along with the term loan B repricing, the company is seeking an amendment to its existing revolving credit facility to increase the size to $200 million from $150 million and extend the maturity date to five years from the date of closing.

The company revealed in a news release that it has received commitments from its existing banks for the increase in the revolver under which no borrowings are currently outstanding.

On Assignment is a Calabasas, Calif.-based provider of diversified professional staffing solutions.

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