New York, November 12, 2018 – Regions Capital Markets and Churchill Asset Management have finalized commitments to the $180 million LBO financing that backs the buyout of New Jersey-based Orion Business Innovations by One Equity Partners. Regions Capital Markets acted as Joint Lead Arranger with Regions Bank acting as Administrative Agent. Churchill Asset Management acted as Joint Lead Arranger and Syndication Agent. The seller is Potomac Equity Partners which invested in the Company in 2014.
The credit facilities are split between a $25 million revolver and a $155 million first-lien term loan, which includes a $35 million delayed-draw tranche that will be available for up to two years. Pricing cleared at initial talk of L+450 with a 1% floor at 99. The term loan carries six months of 101 soft call.
Headquartered in New Jersey, Orion Business Innovation is uniquely positioned as a high touch, high quality and nimble solutions provider with the proven expertise and scale to solve complex problems of Fortune 1000 customers. Orion provides digital transformation and automation services to large enterprise customers across the financial and professional services, communications and media, professional sports and entertainment, education and healthcare industries.
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 170 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt.
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Churchill Asset Management is a registered investment advisor and majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America.
Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, and inflation risk.
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