HireRight ups term loan to $750 million, flexes to SOFR plus 400 bps

By Sara Rosenberg

New York, Sept. 21 – HireRight Holdings Corp. upsized its first-lien term loan to $750 million from $700 million and reduced pricing to SOFR plus 400 basis points from SOFR plus 425 bps, according to a market source.

In addition, the original issue discount on the term loan firmed at 98.5, the tight end of the 98 to 98.5 talk, and the maturity was extended to seven years from five years, the source said.

As before, the term loan has a 0% floor, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA, RBC Capital Markets, SPC Capital Markets, BofA Securities Inc., Barclays, Citizens and Capital One are the arrangers on the deal. BofA is the administrative agent.

Recommitments were scheduled to be due at 11 a.m. ET on Thursday, the source added.

Proceeds will be used to refinance the company’s first-lien term loan due July 2025 and, due to the upsizing, to add cash to the balance sheet.

HireRight is a Nashville-based provider of technology-driven workforce risk management and compliance solutions.

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