HireRight Completes Refinancing of First Lien Senior Secured Term Loan
29 September 2023 - 2:00PM
Business Wire
- Term Loan Facility increased to $750 million
with maturity in 2030 - - Revolving Credit Facility expanded to
$160 million -
HireRight Holdings Corporation (NYSE: HRT) ("HireRight" or the
"Company"), a leading provider of background screening services,
today announced the closing of the refinancing and upsizing of its
first lien senior secured term loan facility as well as an upsizing
of its revolving credit facility.
“We are pleased to successfully complete this debt refinancing,
which provides incremental liquidity to continue to support our
strategic objectives,” stated Tom Spaeth, Chief Financial
Officer.
The refinanced first lien term loan facility increased the
outstanding principal under the facility from $695 million to $750
million. Interest rates on the first lien term loan facility were
changed to the Secured Overnight Financing Rate (“SOFR”), plus 400
bps. The maturity of the first lien term loan facility was extended
to 2030. Additionally, the Company's revolving credit facility was
increased from $145 million to $160 million. As of September 28,
2023, the Company had no outstanding loans under the revolving
credit facility. The maturity date of the revolving credit facility
remains June 3, 2027.
About HireRight
HireRight is a leading global provider of technology-driven
workforce risk management and compliance solutions. We provide
comprehensive background screening, verification, identification,
monitoring, and drug and health screening services for
approximately 37,000 customers across the globe. We offer our
services via a unified global software and data platform that
tightly integrates into our customers’ human capital management
systems enabling highly effective and efficient workflows for
workforce hiring, onboarding, and monitoring. In 2022, we screened
over 24 million job applicants, employees and contractors for our
customers and processed over 107 million screens. For more
information, visit www.HireRight.com or contact
InvestorRelations@HireRight.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the federal securities laws related to the size and
duration of the Company's first lien senior secured term loan
facility, the Company's revolving credit facility, and the
Company's use of borrowings thereunder. These forward-looking
statements are not guarantees. They reflect our current
expectations and projections with respect to future events and are
based on assumptions and estimates and subject to known and unknown
risks, uncertainties and other factors that may cause actual
results to be materially different from expectations or results
projected or implied by forward-looking statements. Among other
things, the Second Amended Credit Facility may be prepaid in whole
or part from time to time.
For more information on the business risks we face and factors
that could affect the outcome of forward-looking statements, refer
to our Annual Report on Form 10-K filed with the SEC on March 10,
2023, in particular the sections of that document entitled “Risk
Factors,” “Forward-Looking Statements,” and “Management's
Discussion and Analysis of Financial Condition and Results of
Operations,” and other filings we make from time to time with the
SEC. We undertake no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230929227307/en/
Investors: InvestorRelations@HireRight.com +1
949-528-1000
Media: Media.Relations@HireRight.com
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