Oasis Outsourcing to launch $75 million first-lien loan on Wednesday

By Sara Rosenberg

New York, Aug. 2 – Oasis Outsourcing Holdings Inc. will hold a lender call at 2 p.m. ET on Wednesday to launch a fungible $75 million incremental first-lien term loan due Dec. 31, 2021, according to a market source.

RBC Capital Markets is the lead arranger and bookrunner on the deal.

Pricing on the incremental term loan is Libor plus 475 basis points with a 1% Libor floor, the source said.

The original issue discount on the incremental loan is still to be determined.

Proceeds will be used to fund the acquisition of a Tennessee-based Professional Employer Organization with about 600 clients representing around 14,500 worksite employees for about $33 million, and to opportunistically pay down the outstanding $60 million second-lien term loan.

Commitments for old and new money are due at noon ET on Aug. 11, the source added.

Also, with the transaction, the company is seeking an amendment and lenders are being offered a 12.5 bps amendment fee.

Amendment signatures are due at noon ET on Aug. 11 as well.

Oasis Outsourcing, a Stone Point Capital owned company, is a West Palm Beach, Fla.-based provider of comprehensive and cost-effective HR outsourcing services to small- and medium-sized businesses.

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