Sterling Talent launches $647 million term B at Libor plus 425 bps

By Sara Rosenberg

New York, June 13 – Sterling Talent Solutions launched on Tuesday its $647 million first-lien term loan B (B2/B) due June 19, 2024 with price talk of Libor plus 425 basis points with a 1% Libor floor, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Proceeds will be used to amend and extend an existing $492 million first-lien term loan due 2022 that is priced at Libor plus 425 bps with a 1% Libor floor, to repay an outstanding revolving credit facility balance, to repay an existing $140 million second-lien term loan and to pay associated fees and expenses.

The extension is talked with a par issue price and a 25 bps extension fee, and the $155 million of incremental debt is talked with an original issue discount of 99.75, the source said.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets LLC and ING are the bookrunners on the deal. KeyBanc is the agent on the deal.

Commitments are due at noon ET on June 23, the source added.

Sterling Talent Solutions is a Seattle-based provider of comprehensive employment and background screening services.

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