HireRight Upsizes Revolving Credit Facility to $145 Million
NASHVILLE, Tenn.--(BUSINESS WIRE)-- HireRight Holdings (NYSE: HRT), amended and upsized its revolving credit facility (the “Revolving Facility”), increasing the committed line under the Revolving Facility to $145 million, effective June 3, 2022.
“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.”
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.
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 more than 40,000 customers across the globe. HireRight offers services via a unified global software and data platform that tightly integrates into its customers' human capital management systems enabling highly effective and efficient workflows for workforce hiring, onboarding, and monitoring. In 2021, HireRight screened over 29 million job applicants, employees and contractors for its customers and processed over 110 million screens. For more information, visit www.HireRight.com.
Source: HireRight Holdings
Released June 7, 2022