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SterlingBackcheck to launch $510 million credit facility on May 28
By Sara Rosenberg
New York, May 21 – SterlingBackcheck is set to hold a bank meeting on May 28 to launch a $510 million credit facility, according to a market source.
Goldman Sachs Bank USA, Nomura and KeyBanc Capital Markets are the leads on the deal.
The facility consists of a $60 million five-year revolver (B1), a $315 million seven-year first-lien covenant-light tem loan (B1) and a $135 million eight-year second-lien covenant-light term loan (Caa1), the source said.
Proceeds will be used to help fund the buyout of the company by Broad Street Principal Investments from Calera Capital.
SterlingBackcheck, formerly Sterling Infosystems, is a New York-based company focused on background checks.
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