First Advantage upsizes first-lien term loan to $315 million

By Sara Rosenberg

New York, Feb. 13 - First Advantage increased its first-lien term loan (B) to $315 million from $300 million and decreased its revolver (B) to $25 million from $40 million, according to a market source.

Pricing on the first-lien term loan is Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 99, and there 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.

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 services, including background screening, recruiting, skills assessment and skills-related tax services.

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