Strategic Outsourcing to launch $86 million credit facility Friday

By Sara Rosenberg

New York, Sept. 6 - Strategic Outsourcing Inc. is scheduled to hold a bank meeting on Friday to launch its proposed $86 million credit facility, according to a market source.

The Bank of New York is the lead bank on the deal.

The facility consists of a $10 million revolver and a $76 million term loan B, with both tranches talked at Libor plus 300 basis points, the source said.

Proceeds will be used for a dividend recapitalization.

Strategic Outsourcing is a Charlotte, N.C., professional employer organization that offers services in compliance and benefits administration, human resource administration, payroll administration, safety and risk management and workers' compensation.

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