Conduent announces closing of refinance of its existing term loans and revolving facility

Florham park, n.j., oct. 18, 2021 (globe newswire) -- conduent incorporated (nasdaq: cndt), a business process services and solutions company (the “company”), today announced it has successfully completed its previously announced debt refinancing. the company closed its new first lien senior secured credit facilities (“senior secured credit facilities”) consisting of (a) a term a loan facility in the aggregate principal amount of $265 million with a maturity of five years, (b) a term b loan facility in the aggregate principal amount of $515 million with a maturity of seven years and (c) a revolving loan facility providing up to $550 million with a maturity of five years. borrowings under the term loan a, term loan b and revolving loan facilities will bear interest, at the borrowers' option, at an annual rate equal to the applicable margin over a base rate or eurocurrency rate. the applicable margin for the term loan a facility and the revolving loan facility for base rate loans will range from 0.75% to 1.75% per year, depending on the company's leverage ratio, and for eurocurrency loans will range from 1.75% to 2.75% per year. the applicable margin for the term loan b facility for base rate loans will be 3.25% per year and for eurocurrency loans will be 4.25% per year. the company also closed a private offering of $520 million of 6.000% senior secured notes due 2029 (the “new notes”). the net proceeds of the senior secured credit facility, including borrowings of $100 million under the revolving loan facility, and new notes were used to refinance the company's existing credit agreement.
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