Oasis Outsourcing firms spreads on first- and second-lien term loans

By Sara Rosenberg

New York, Dec. 18 – Oasis Outsourcing finalized pricing on its $160 million seven-year first-lien term loan (B1/B) at Libor plus 475 basis points, the low end of the Libor plus 475 bps to 500 bps talk, and on its $60 million eight-year second-lien term loan (Caa1/CCC+) at Libor plus 875 bps, the high end of the Libor plus 850 bps to 875 bps talk, according to a market source.

Also, the 101 soft call protection on the first-lien term loan was extended to one year from six months, the source said.

As before, the first-lien term loan has a 1% Libor floor and an original issue discount of 99, and the second-lien term loan has a 1% Libor floor, a discount of 98˝ and 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 (B1/B).

The deal has a total net leverage covenant.

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

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.

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