Citizens Leads $1.2bn Asset-Based Senior Credit Facilities for EQT’ PRO Unlimited Acquisition

Citizens provided financing to San Francisco-based PRO Unlimited Global Solutions Inc. Established in 1991, PRO Unlimited is a leading provider of end-to-end contingent workforce management solutions to a broad range of global clients and has been a Citizens client for more than 10 years.

The first financing was new $900 million asset-based senior credit facilities, comprised of an $825 million asset-based revolving credit facility and a $75 million First In, Last Out (“FILO”) tranche, to support EQT Private Equity’s acquisition of the company from Harvest Partners, LP and its affiliates and Investcorp.

Immediately following the aforementioned transaction, Citizens led a $265 million upsize to the asset-based senior credit facilities to support the company’s acquisition of Workforce Logiq, a similar global provider of contingent workforce management technology and service solutions from funds managed by Carlyle.

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The final $1.165 billion senior credit facilities are bifurcated between a $1.065 billion asset-based revolving credit facility and a $100 million FILO tranche. Citizens is the Lead Left Arranger on both transactions.

“The Citizens team was able to provide an attractive new capital structure that will allow PRO Unlimited and their financial sponsors to meet their strategic objectives,” said Ted Swimmer, head of Corporate Finance & Capital Markets at Citizens. “Providing senior credit facilities is just one of the ways that Citizens can deliver substantial value for clients at every stage of their business life cycle.”

Source: ABL Advisor

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