First Advantage plans to launch $340 million credit facility on Monday

By Sara Rosenberg

New York, Jan. 24 - First Advantage will hold a bank meeting on Monday to launch a $340 million credit facility, according to a market source.

Bank of America Merrill Lynch is the lead bank on the deal.

The facility consists of a $40 million revolver and a $300 million first-lien term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for one year.

In addition, the company is getting a $125 million second-lien term loan that has been privately placed with Tennenbaum Capital Partners LLC, the source added. There are no plans to syndicate this tranche.

Proceeds will be used to fund the acquisition of the employment and resident screening business of LexisNexis Risk Solutions, a division of Reed Elsevier.

Closing is expected in early March, subject to customary conditions.

First Advantage is a St. Petersburg, Fla.-based provider of talent acquisition solutions and services, including background screening, recruiting solutions, skills assessment and skills-related tax services.

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