Genpact enters $800 million term loan, $350 million revolving facility

By Marisa Wong

Madison, Wis., July 2 – Genpact Ltd. entered into a credit agreement on June 30 for an $800 million term credit facility and a $350 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC, Citigroup Global Markets Asia Ltd., Credit Agricole CIB, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc. and Morgan Stanley MUFG Loan Partners, LLC are the joint lead arrangers and joint bookrunners.

Australia and New Zealand Banking Group Ltd., Westpac Banking Corp. and Mizuho Bank, Ltd. are co-arrangers. Wells Fargo Bank, NA is administrative agent, and Citigroup Global Markets Asia Ltd., Credit Agricole CIB, JPMorgan Chase Bank, NA, Bank of America, NA and Morgan Stanley MUFG Loan Partners are co-syndication agents.

The credit agreement replaces Genpact’s existing credit agreement dated Aug. 30, 2012. At closing, Genpact terminated the prior facility and repaid all outstanding loans using proceeds from the new facility.

Commitments under the new credit agreement may be increased by up to $150 million, or a greater amount determined based on a consolidated leverage ratio.

The term loan and the revolver each have a term of five years.

Borrowings bear interest at Libor plus an applicable margin of 150 basis points, subject to adjustment based on the company’s debt ratings. The applicable margin can range from 125 bps to 200 bps.

Revolving credit commitments are subject to a 25-bps commitment fee that is also subject to adjustment based on debt ratings. The commitment fee ranges from 15 bps to 45 bps.

In addition, the credit agreement requires Genpact to maintain certain consolidated leverage ratios and consolidated interest coverage ratios.

Based in Hamilton, Bermuda, Genpact manages business processes.

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