Oasis Outsourcing launches $75 million first-lien loan at 99.5 OID

By Sara Rosenberg

New York, Aug. 3 – Oasis Outsourcing Holdings Inc. launched on Wednesday its fungible $75 million incremental first-lien term loan due Dec. 31, 2021 with original issue discount talk of 99.5, according to a market source.

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

RBC Capital Markets and SunTrust Robinson Humphrey Inc. are the joint bookrunners on the deal.

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 new money are due at noon ET on Aug. 11.

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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