Genpact readies launch of $925 million credit facility for Tuesday

By Sara Rosenberg

New York, Aug. 2 - Genpact International Inc. is scheduled to hold a bank meeting at 2 p.m. ET in New York on Tuesday to launch a proposed $925 million senior secured credit facility, according to a market source.

Morgan Stanley Senior Funding Inc. and Citigroup Global Markets Inc. are the joint lead arrangers and bookrunners on the deal.

The facility consists of a $250 million five-year revolver and a $675 million seven-year term loan, the source said.

Proceeds will be used to refinance existing debt and fund a distribution to shareholders.

On Wednesday, the company announced that Bain Capital Partners will purchase about 68 million of GenPact's common shares from General Atlantic and Oak Hill Capital Partners for $14.76 per share, or about $1 billion.

Closing of the transaction will take place after payment to all shareholders, including General Atlantic and Oak Hill Capital, of a special dividend of $2.24 per share, or roughly $500 million.

Genpact is a Hamilton, Bermuda-based provider of business process management services.

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