Bank of America acted as administrative agent on a credit agreement with TriNet Gorup for $675 million in new senior secured credit facilities. The proceeds will be used to refinance TriNet’s outstanding indebtedness in a leverage-neutral transaction.

According to a related 8-K filing, Bank of the West, JPMorgan Chase and Wells Fargo acted as co-syndication agents, while BMO Harris, HSBC Bank, PNC Capital Markets, Suntrust Bank, Citizens Bank, Keybank Capital Markets and U.S. Bank served as co-documentation agents. Merrill Lynch, Bank of the West, JPMorgan Chase and Wells Fargo Securities served as joint lead arrangers and joint bookrunners.

The new facilities will include a $425 million principal amount of new tranche A term loans maturing in 2023 and a new $250 million revolving credit facility maturing in 2023.

Pricing on the new term A loan and the revolver was set at LIBOR plus 1.625%, or the prime lending rate plus an applicable margin equal to 0.625%, which is subject to change in the future based on TriNet’s leverage ratio.

TriNet’s current corporate credit rating is Ba3 by Moody’s Investor Service and BB- by S&P Global Ratings.

TriNet provides payroll processing, human capital consulting, employment law compliance and employee benefits to small to mid-size businesses.