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SterlingBackcheck trims add-on first-lien term loan to $110 million
By Sara Rosenberg
New York, Jan. 22 – SterlingBackcheck downsized its add-on first-lien term loan to $110 million from $120 million and increased pricing to Libor plus 475 basis points from talk of Libor plus 400 bps to 425 bps, according to a market source.
In addition, the original issue discount on the first-lien term loan was revised to 98 from talk of 98.5 to 99, the source said.
As before, the first-lien term loan has a 1% Libor floor and 101 soft call protection for six months.
Goldman Sachs Bank USA, Keybanc Capital Markets and ING are the leads on the deal.
Proceeds will be used to help fund the acquisition of TalentWise.
SterlingBackcheck is a New York-based background screening company. TalentWise is a Seattle-based cloud solutions provider for the Human Capital Management industry.
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