First Advantage to launch $655 million in term loans on Monday

By Sara Rosenberg

New York, Nov. 20 – First Advantage is scheduled to hold a conference call on Monday to launch $655 million in term loans, according to a market source.

Bank of America Merrill Lynch and Goldman Sachs Bank USA are the lead banks on the deal.

The debt consists of a $485 million seven-year covenant-light first-lien term loan and a $170 million eight-year covenant-light second-lien term loan, the source said.

Proceeds will be used to refinance existing debt and fund a dividend.

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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