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Bank of America Agents HireRight’s Revolving Credit Facility Upsize to $145MM

June 08, 2022, 07:49 AM
Filed Under: Staffing Services

HireRight Holdings amended and upsized its revolving credit facility, increasing the committed line under the Revolving Facility to $145 million, effective June 3, 2022. As part of the expanded Revolving Facility, Goldman Sachs, Royal Bank of Canada, and Barclays joined the syndication. The syndication is led by Bank of America as administrative agent.

Interest rates on the amended Revolving Facility were changed to the Secured Overnight Financing Rate (“SOFR”), plus an amount between 250 bps and 300 bps, depending on HRT’s First Lien Leverage Ratio. The maturity date of the Revolving Facility was extended to April 1, 2027 or, if earlier, the date 91 days prior to the stated maturity date of HRT’s First Lien Senior Secured Term Loan, which is currently July 12, 2025.

“We have meaningfully extended the facility’s maturity and provided incremental capital to strengthen our disciplined strategy for growth,” stated Tom Spaeth, Chief Financial Officer. “The expansion of our Revolving Facility is a testament to our banking partners and their continued confidence and support of HRT.”

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