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ClientLogic plans new credit facility with Sitel purchase
By Sara Rosenberg
New York, Oct. 13 - ClientLogic Corp. is planning to get a new credit facility to fund its acquisition of Sitel Corp., according to a market source.
Goldman Sachs is the left lead bank on the deal.
The acquisition is valued at about $450 million. The purchase price includes $4.05 cash per Sitel share, for an aggregate equity purchase price of about $310 million, and about $140 million of Sitel debt to be refinanced at closing.
The transaction is expected to be completed in the first quarter of 2007 and is subject to customary closing conditions, including approval of Sitel's shareholders and regulatory clearances.
ClientLogic, a portfolio company of Onex Corp., is a Nashville, Tenn., global business process outsourcing provider in the customer care and back office processing industries. Sitel is an Omaha, Neb., provider of outsourced customer support services.
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