Genpact sets term loan spread at Libor plus 325 bps, trims OID to 99½

By Sara Rosenberg

New York, Aug. 17 - Genpact International Inc. firmed pricing on its $675 million seven-year term loan at Libor plus 325 basis points, the tight end of the Libor plus 325 bps to 350 bps talk, according to a market source.

Also, the original issue discount was tightened to 99½ from 99, the source said.

The 1% Libor floor was left unchanged as was the 101 soft call protection for one year and amortization of 1% per annum.

Commitments were due at 10 a.m. ET on Friday.

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

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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