First Advantage reveals talk on $655 million in term loans with launch

By Sara Rosenberg

New York, Nov. 24 – First Advantage released price talk on its $485 million seven-year covenant-light first-lien term loan and $170 million eight-year covenant-light second-lien term loan with its launch on Monday, according to a market source.

The first-lien term loan is talked at Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 850 bps to 875 bps with a 1% Libor floor and a discount of 98, the source said.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

Bank of America Merrill Lynch and Goldman Sachs Bank USA are the lead banks on the $655 million in term loans.

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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