Team Services wraps $100 million term loan at SOFR plus 500 bps

By Sara Rosenberg

New York, Aug. 23 – Team Services Group placed a non-fungible $100 million incremental covenant-lite first-lien term loan due December 2027 (B2/B-) at pricing of SOFR+CSA plus 500 basis points with a 1% floor and an original issue discount of 95, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The incremental term loan has 101 soft call protection for six months, the source said.

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

Proceeds will be used for acquisition financing.

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

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