First Advantage launches $300 million term loan at Libor plus 500 bps

By Sara Rosenberg

New York, Jan. 28 - First Advantage launched on Monday its $300 million first-lien term loan (B) with price talk of Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

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

The company's $340 million first-lien credit facility also provides for a $40 million revolver (B).

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

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

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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