Firstsource Solutions, one of India’s leading pure-play BPO companies, has successfully raised an international loan in the overseas market. The Company’s United States subsidiary has entered into a credit agreement for $180 million from a consortium of six financial institutions. The lenders include overseas branches of Axis Bank, Canara Bank, ICICI Bank and Indian Overseas Bank along with GE Capital, USA and DBS Bank. Meanwhile, the lead managers to the issue were Kotak Mahindra Bank, ICICI Bank and Canara Bank.
This is the first time that the company has accessed the international loan syndication market. Moreover, this transaction has enabled the company to significantly expand its global banking relationships and has opened up a new avenue for the company to raise additional capital in the future if required.
The interest rate of the new term loan is lower than the current interest rate on existing loans. Meanwhile, the Interest is supposed be paid quarterly, while principal repayment on this new facility would commence in June 2013 with final maturity in March 2017. The company plans to use these funds for refinancing existing ECB and term loan of $64 million along with proactively addressing redemption obligation for FCCB ahead of term.
Firstsource Solutions is a global provider of business process management services. The company offers wide range services in area of banking and financial services, telecommunications and media and the healthcare industry.
| Company Name | CMP |
|---|---|
| eClerx Services | 1631.05 |
| Info Edge | 1054.50 |
| Firstsource Solution | 239.25 |
| Affle 3i | 1468.10 |
| Hinduja Global Soln. | 426.90 |
| View more.. | |
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