Citizens provided several financing transactions to PRO Unlimited Global Solutions, a provider of workforce management solutions.
The first transaction was made up of $900 million in asset-based senior credit facilities, which consisted of an $825 million asset-based revolving credit facility and a $75 million first in, last out (FILO) tranche to support EQT Private Equity’s acquisition of the company from Harvest Partners and Investcorp.
Immediately following the aforementioned transaction, Citizens led a $265 million upsize to PRO Unlimited’s asset-based senior credit facilities to support the company’s acquisition of Workforce Logiq, a similar global provider of workforce management technology and service solutions, from funds managed by Carlyle.
The final transaction was made up of $1.165 billion in senior credit facilities bifurcated between a $1.065 billion asset-based revolving credit facility and a $100 million FILO tranche. Citizens is the lead left arranger on the transactions.
“The Citizens team was able to provide an attractive new capital structure that will allow PRO Unlimited and their financial sponsors to meet their strategic objectives,” Ted Swimmer, head of corporate finance and capital markets at Citizens, said. “Providing senior credit facilities is just one of the ways that Citizens can deliver substantial value for clients at every stage of their business life cycle.”
Established in 1991, PRO Unlimited has been a Citizens client for more than 10 years.
