Genpact talks $675 million term loan at Libor plus 325-350 bps

By Sara Rosenberg

New York, Aug. 7 - Genpact International Inc. launched its $675 million seven-year term loan on Tuesday with price talk of Libor plus 325 basis points to 350 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The B loan has 101 soft call protection for one year and amortization of 1% per annum, the source said.

The company's $925 million senior secured credit facility (Ba2/BB+) also includes a $250 million five-year revolver.

Commitments are due on Aug. 17.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint lead arrangers and bookrunners on the deal.

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

Recently, 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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