Oasis Outsourcing sets first-, second-lien loan talk ahead of launch

By Sara Rosenberg

New York, Dec. 3 – Oasis Outsourcing came out with price talk on its $160 million seven-year first-lien term loan and $60 million eight-year second-lien term loan in advance of its Thursday bank meeting, according to a market source.

The first-lien term loan is talked at Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 850 bps to 875 bps with a 1% Libor floor and a discount of 98˝, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s $270 million credit facility also provides for a $50 million five-year revolver.

The deal has a total net leverage covenant.

Commitments are due on Dec. 17, the source added.

RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by Stone Point Capital and management from Nautic Partners and Altaris Capital Partners.

Closing is expected by year-end, subject to customary conditions.

Oasis is a provider of outsourced human resource services.

© 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.