System One ups term B to $290 million, flexes to Libor plus 450 bps

By Sara Rosenberg

New York, Jan. 26 – System One Holdings LLC upsized its seven-year covenant-lite term loan B to $290 million from $280 million and reduced pricing to Libor plus 450 basis points from Libor plus 475 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 99 from 98.5, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

The company’s now $335 million of credit facilities also include a $45 million revolver.

Truist Securities is the left lead arranger on the deal.

Commitments continued to be due at 5 p.m. ET on Tuesday, the source added.

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

The equity component of the transaction was reduced with the term loan upsizing.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.