ASGN updates $500 million term loan B talk to SOFR plus 225 bps

By Sara Rosenberg

New York, Aug. 9 – ASGN Inc. revised price talk on its $500 million seven-year covenant-lite term loan B (Ba1) to SOFR plus 225 basis points from talk in the range of SOFR plus 225 bps to 250 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99.75 from 99.5, 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.

Security is a first priority perfected lien on substantially all assets and stock of the borrower and each guarantor, and a pledge of 65% of the capital stock of each first-tier foreign subsidiary, with customary exceptions.

Wells Fargo Securities LLC is the left lead arranger on the deal.

Recommitments are due at noon ET on Tuesday, accelerated from an original commitment deadline of noon ET on Aug. 17, the source added.

Proceeds will be used to refinance the company’s existing term loan B due 2025.

ASGN is a Glen Allen, Va.-based provider of IT and professional services in the technology, digital, creative, engineering and life sciences fields across commercial and government sectors.

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