Sitel to launch $1.4 billion, €1 billion term loans on Tuesday

By Sara Rosenberg

New York, July 12 – Sitel Group will hold a lender call on Tuesday to launch a $1.4 billion seven-year covenant-lite term loan and a €1 billion seven-year covenant-lite term loan, according to a market source.

BNP Paribas Securities Corp. and Barclays are the leads on the deal.

Commitments are due at noon ET on July 27, the source said.

Proceeds will be used to help fund the acquisition of Sykes Enterprises Inc. for about $2.2 billion.

Closing is expected in the second half of this year, subject to Sykes’ shareholder approval, regulatory approval and other customary conditions.

Sitel is a Miami-based provider of customer experience products and solutions. Sykes is a Tampa, Fla.-based provider of customer experience management services, multichannel demand generation and digital transformation.

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