Sitel discloses price talk on $1.4 billion, €1 billion term loans

By Sara Rosenberg

New York, July 13 – Sitel Group released price talk on its $1.4 billion seven-year covenant-lite term loan and €1 billion seven-year covenant-lite term loan with its lender call on Tuesday, according to a market source.

The U.S. term loan is talked at Libor plus 350 basis points to 375 bps with a 0.5% Libor floor and an original issue discount of 99, and the euro term loan is talked at Euribor plus 350 bps to 375 bps with a 0% floor and a discount of 99, the source said.

Both term loans (BB-) have 101 soft call protection for six months.

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

Commitments are on July 27.

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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