Select Personnel to get new credit facility for RemedyTemp purchase

By Sara Rosenberg

New York, May 11 - Select Personnel Services has received a commitment for a new credit facility as part of its acquisition of RemedyTemp Inc., according to an 8-K filed with the Securities and Exchange Commission Thursday.

Goldman Sachs Credit Partners LP and Bank of the West are the lead banks on the deal.

The credit facility will consist of a senior secured first-lien term loan and a senior secured first-lien revolver, the filing said. In addition, the facility could contain a senior secured second-lien term loan if necessary.

Under the acquisition agreement, Select Personnel will pay $17.00 per RemedyTemp share in cash, or about $169 million.

The transaction is subject to RemedyTemp shareholder approval, completion of financing and other customary regulatory and closing conditions. Closing is anticipated to occur during RemedyTemp's fourth fiscal quarter ending Oct. 1.

Select Personnel is a Santa Barbara, Calif., temporary staffing services company. RemedyTemp is an Aliso Viejo, Calif., professional staffing organization.

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