Sterling Infosystems firms Thursday launch for $180 million facility

By Sara Rosenberg

New York, Jan. 3 - Sterling Infosystems Inc. finalized the Thursday bank meeting for its proposed $180 million credit facility and released price talk at Libor plus 575 basis points with a 1.5% Libor floor and an original issue discount of 98, according to a market source.

The facility consists of a $20 million revolving credit facility and a $160 million term loan.

GE Capital Markets and RBS Citizens are the lead banks on the deal.

Proceeds will be used to refinance existing debt and fund an acquisition.

The deal was initially expected to launch on Nov. 30 but was postponed since the company was still negotiating the purchase agreement.

Sterling Infosystems is a New York-based background screening company.

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