Worley to launch $400 million first-lien credit facilities on Thursday

By Sara Rosenberg

New York, May 7 – Worley Claims Services LLC is set to hold a bank meeting in New York on Thursday to launch $400 million of first-lien senior secured credit facilities, according to a market source.

Antares Capital is the lead on the deal.

The first-lien debt consists of a $50 million five-year revolver, a $300 million seven-year covenant-lite first-lien term loan and a $50 million delayed-draw seven-year first-lien term loan, the source said.

The company is also getting a $120 million second-lien term loan that has been privately placed.

Proceeds will be used to help fund the buyout of the company by Kohlberg & Co. and Worley’s management team.

Worley is a Fishers, Ind.-based provider of insurance claims management services.

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