Genpact International, Inc. operates as a business process outsourcing company. The company provides call center services. The company was incorporated in 2007 and is based in New York, New York. Genpact International, Inc. operates as a subsidiary of Genpact Ltd.
105 Madison Avenue
New York, NY 10016-7418
Founded in 2007
Genpact International, Inc. and Headstrong Corporation Announce Amendment to the Credit Agreement Dated as of August 30, 2012
Jun 14 13
On June 14, 2013, Genpact Limited entered into Amendment No. 1 to the credit agreement dated as of August 30, 2012 among Genpact International, Inc., Headstrong Corporation, Genpact Global Holdings (Bermuda) Limited together with Genpact International and Headstrong as borrowers Morgan Stanley Senior Funding, Inc., as administrative agent and swingline lender, Morgan Stanley Bank, N.A., as issuing bank, Morgan Stanley Senior Funding, Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Agricole Corporate and Investment Bank, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunning managers, and the lenders party thereto. The credit agreement provided for, among other things, a senior secured term loan in aggregate principal amount of $675,000,000 and a senior secured revolving credit facility in aggregate principal amount of SGD 250,000,000. The amendment provides for, among other things, the refinancing in full of the outstanding principal amount of the Term Loans and the refinancing of the revolving loans. The maturity date of the refinancing term loans and the refinancing revolving loans is the same as the term loans and the revolving loans (August 30, 2017 and August 30, 2019, respectively). The Amendment also (a) removes the financial covenant in the credit agreement with respect to the refinancing term loans and (b) modifies the financial covenant with respect to the refinancing revolving loans to make it a springing covenant which requires the company to maintain a consolidated leverage ratio of 2.50 to 1.00 for any consecutive four fiscal quarter period of Genpact, which shall only be tested (i) at the time of the incurrence of refinancing revolving loans or the issuance of letters of credit (as defined in the Amended Credit Agreement) by looking back to the last day of the prior quarter to determine if Genpact would have been in compliance with the financial covenant as of such quarter end if the financial covenant had been tested for such quarter and (ii) at the end of each quarter, provided that, in each case, the financial covenant will only be tested if on the last day of any fiscal quarter of Genpact the aggregate principal amount of refinancing revolving loans, Swingline Loans and/or certain Letters of credit that are issued and/or outstanding is greater than $50,000,000. Borrowings under the amended credit agreement bear interest at a rate equal to, at the election of the borrowers, LIBOR plus an applicable margin equal to 2.75% per annum in the case of the refinancing term loans and 2.50% per annum in the case of the refinancing revolving loans or a base rate plus an applicable margin equal to 1.75% per annum in the case of the refinancing term loans and 1.50% per annum in the case of the refinancing revolving loans. The revolving credit commitments under the amended credit agreement remain subject to a commitment fee equal to 0.50% of the actual daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations. The amended credit agreement includes a LIBOR floor applicable to the refinancing term loans only of 0.75%.