CoAdvantage to launch $500 million credit facilities on Thursday

By Sara Rosenberg

New York, Sept. 3 – CoAdvantage (AQ Carver Buyer Inc.) is set to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch $500 million of credit facilities, according to a market source.

Deutsche Bank Securities Inc., Antares Capital and Madison Capital are the bookrunners on the deal.

The facilities consist of a $45 million revolver, a $325 million seven-year covenant-lite first-lien term loan and a $130 million eight-year covenant-lite second-lien term loan, the source said.

The term loans have a 0% Libor floor.

The first-lien term loan has 101 soft call protection for six months and the second-lien term loan has hard call protection of 102 in year one and 101 in year two, the source continued.

Proceeds will be used to help fund the buyout of the company by Aquiline Capital Partners from investment funds managed by Morgan Stanley Capital Partners.

Closing is subject to customary conditions, including regulatory approvals.

CoAdvantage is a Tampa, Fla.-based professional employer organization and a provider of strategic human resource solutions.

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