Genpact launches $875 million term loan B at Libor plus 250 bps

By Sara Rosenberg

New York, May 30 - Genpact International Inc. launched on Thursday its $875 million term loan B due Aug. 30, 2019 with price talk of Libor plus 250 basis points with a 0.75% Libor floor, according to a market source.

The term loan B, which is comprised of $671,625,000 of existing debt and $203,375,000 of add-on debt, is offered with an original issue discount of 99½ on the new money only, the source said.

Also included in the term loan B is 101 soft call protection for six months and amortization of 1% per annum.

The company is also getting a $250 million revolver due Aug. 30, 2017 as part of its $1,125,000,000 senior secured credit facility.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Agricole CIB, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

With this transaction, the company is eliminating the financial covenant under the term loan B and revising the restricted payments provision to an unlimited amount when net total leverage is less than 2 times plus $100 million, the source added.

Commitments are due on June 6.

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

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