EXL announced the closing of a new $1 billion senior secured credit facility with PNC Bank as administrative agent and a syndicate of lenders. The five-year agreement includes a $400 million term loan and permits revolver borrowings of up to $600 million, with an accordion feature allowing expansion equal to the greater of $470 million or 100% of EBITDA for the trailing four quarters. The facility increases EXL's borrowing capacity from the previous limit of $600 million and provides greater covenant flexibility to support the company's business strategy. Chief Financial Officer Maurizio Nicolelli said the expanded debt capacity gives the company flexibility to pursue targeted mergers and acquisitions while continuing to return capital to shareholders under its $500 million share repurchase authorization. Bank of America, JPMorgan Chase Bank, and TD Bank acted as joint lead arrangers on the transaction.
Bank of America Corp
PNC Financial Services Group Inc
Toronto Dominion BankExlService Holdings IncClosed a new $1 billion credit facility, increasing borrowing capacity and covenant flexibility to support M&A and share repurchases.
JPMorgan Chase & Co