Daily News: May 16, 2013

Wells Fargo Agents On Assignment $500MM Facility

On Assignment, a global provider of diversified professional staffing solutions, announced that it closed on a new $500 million credit facility, which is a refinancing of the previous credit facility. Wells Fargo Bank served as administrative agent, swing line lender and a letter of credit issuer in the transaction.

The new facility consists of a $125 million revolving line of credit, a $100 million five-year term loan A and a $275 million seven-year term loan B.

Peter Dameris, On Assignment president and CEO stated, “We are very pleased with the outcome of this refinancing. Our interest rate is reduced by 150 basis points on our term B loan and 75 to 125 basis points on the revolver and term A loan and we have greater borrowing capacity and flexibility for future acquisitions and stock repurchases.”

On Assignment is a global staffing provider of in-demand, skilled professionals in the growing technology, healthcare and life sciences sectors.