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Sterling Talent launches $50 million add-on term loan at 98.5 area OID
By Sara Rosenberg
New York, July 13 – Sterling Talent Solutions launched on Wednesday its $50 million add-on first-lien term loan (B1/B) due June 19, 2022 with original issue discount talk in the 98.5 area, plus or minus 0.25, according to a market source.
Pricing on the add-on term loan is Libor plus 475 basis points with a 1% Libor floor, the source said.
The term loan has 101 soft call protection for six months and amortization of 1% per annum.
Goldman Sachs & Co. and KeyBanc Capital Markets LLC are the leads on the deal.
Commitments are due at noon ET on Tuesday, the source added.
Proceeds will be used to repay existing revolver borrowings.
Sterling Talent Solutions is a Seattle-based provider of background screening solutions.
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