Bank of New York launched syndication of an $86 million credit facility for Strategic Outsourcing last Friday. The deal consists of a $10 million revolver and a $76 million term loan, according to a banker. Price talk for the facility is LIBOR plus 3%. The facility will be used to repay outstanding debt and provide for a small dividend. The dividend size could not be determined.
Charlotte, N.C.-based Strategic is jointly owned by Clarion Capital Partners and Regions Financial. The company is a professional employer organization that specializes in human resources, employee benefits and risk management services. A company representative and Jonathan Haas, a Clarion representative, declined comment. A spokeswoman from Regions could not be reached.