Team Services lifts first-lien term loan to $110 million, tweaks OID

By Sara Rosenberg

New York, Sept. 22 – Team Services Group upsized its fungible incremental first-lien term loan due December 2027 to $110 million from $90 million and revised the original issue discount to 99 from 98, according to a market source.

Also, the discount on the fungible $20 million incremental second-lien term loan due December 2028 was tightened to 99 from 97, the source said.

Pricing on the incremental first-lien term loan is Libor plus 500 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing, and pricing on the incremental second-lien term loan is Libor plus 900 bps with a 1% Libor floor, in line with existing second-lien term loan pricing.

The incremental first-lien term loan has 101 soft call protection for six months, and the incremental second-lien term loan has call protection of 102 in year one and 101 in year two.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Recommitments are due at 10 a.m. ET on Thursday, the source added.

Proceeds will be used to finance a tuck-in acquisition, and the funds from the upsizing will add cash to the balance sheet.

Team Services is a provider of employment administration and risk management solutions that facilitate self-directed home care.

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