Concentrix amends credit facility to $3.187B for Webhelp combination financing

Concentrix Corp

Restated Credit Agreement: $1.0425B revolving facility and $2.1447B term loan facility (incl. $294.7M delayed draw).
Maturity December 27, 2026; SOFR loans bear interest at SOFR + 1.125%-2.00% margin plus 0.10% credit spread adjustment.
Financial covenants: leverage ratio ≤ 3.75:1 (4.25:1 post-qualified acquisitions) and interest coverage ratio ≥ 3.00:1.
Bridge commitments reduced: $1.85B Term Loan Amendment Bridge and $1.0B Revolving Amendment Bridge to zero; $2.44B Term Loan Acquisition Bridge reduced by ~$294.7M.
Proceeds from delayed draw term loans will finance a portion of the Webhelp Combination and related fees.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Concentrix Corp amended Amendment Agreement with JPMorgan Chase Bank, N.A. and Bank of America, N.A. valued at $1.0425 billion and approximately $2.1447 billion (effective 2023-04-21).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A. and Bank of America, N.A.
Value: $1.0425 billion and approximately $2.1447 billion
Effective: 2023-04-21

Exact text from the filing

On April 21, 2023, Concentrix entered into an Amendment and Restatement Agreement (the “Amendment Agreement”) with the lenders party thereto, JPMorgan Chase Bank, N.A. and Bank of America, N.A. to amend and restate Concentrix’ Credit Agreement dated as of October 16, 2020 (as so amended and restated, the “Restated Credit Agreement”).

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Source: SEC EDGAR

accession 0001803599-23-000107

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