System One talks $280 million term loan B at Libor plus 475 bps

By Sara Rosenberg

New York, Jan. 13 – System One Holdings LLC launched on Wednesday its $280 million seven-year covenant-lite term loan B with price talk of Libor plus 475 basis points with a 0.75% Libor floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $325 million of credit facilities (B2) also include a $45 million revolver.

Truist Securities is the left lead arranger on the deal.

Commitments are due on Jan. 28, the source added.

Proceeds will be used to help fund the buyout of the company by Oaktree Capital Management LP.

Closing is expected this quarter, subject to regulatory approvals and other customary conditions.

System One is a Pittsburgh-based provider of specialized workforce solutions and integrated services.

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