System One tightens $65 million add-on term loan B OID to 99.25

By Sara Rosenberg

New York, Nov. 15 – System One revised the original issue discount on its fungible $65 million add-on covenant-lite term loan B due March 2028 to 99.25 from 99.03, according to a market source.

Pricing on the add-on term loan is SOFR plus 400 basis points with a 0.75% floor, in line with existing term loan B pricing.

Truist Securities is the lead arranger on the deal.

Commitments continue to be due at noon ET on Thursday, the source added.

Proceeds will be used to fund an acquisition.

System One, an Oaktree Capital Management portfolio company, is a Pittsburgh-based provider of specialized workforce solutions and integrated services.

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