Acticall gets debt commitment from SG, BNP to fund Sitel acquisition

By Wendy Van Sickle

Columbus, Ohio, July 10 – Groupe Acticall SA is receiving debt financing from Société Générale and BNP Paribas to help fund its $830 million acquisition of Sitel Worldwide Corp., according to a Friday company news release.

Acticall said the acquisition “brings over 30 years of industry experience, 61,100 employees, customers including some of the best known brands in the world, and advanced technology solutions” under its ownership.

Upon closing of the transaction, Acticall will pay off $755 million of Sitel’s debt, according to an 8-K filed with the Securities and Exchange Commission.

At the closing of the deal, each outstanding share of Sitel’s 12% cumulative participating preferred stock, series B, 16% cumulative participating preferred stock, series C and series D, will receive the greater of its respective liquidation value plus accumulated dividends or the consideration it would be entitled to if converted into common stock.

Each outstanding share of common stock (other than shares owned by the company as treasury stock or by a company subsidiary) will be converted into the right to receive its pro rata portion of the merger consideration in cash, without interest.

Approval of the company’s shareholders was effected Friday by written consent of the holders of at least 87% of Sitel’s outstanding common stock and series B preferreds, 88% of its outstanding series C preferreds, and of 98% of its outstanding of series D preferreds.

Sitel was represented by financial advisers Goldman Sachs & Co. and Bank of America Merrill Lynch, as well as the law firm Kirkland & Ellis LLP.

Acticall was represented by Lazard Frères & Co. and Cleary Gottlieb Steen & Hamilton LLP.

Sitel is a Nashville-based provider of customer care and complementary back-office process outsourcing services.

Paris-based Groupe Acticall provides integrated services for the customer relationship management sector.

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