Startek unit refinances with $165 million term loan, $20 million revolver

By Wendy Van Sickle

Columbus, Ohio, Feb. 24 – Startek Inc. said its wholly owned subsidiary, CSP Alpha Holdings Pte. Ltd., completed a refinancing with a newly secured $185 million senior debt facility, comprising a $165 million term loan and a $20 million revolver, according to a news release.

Borrowings will bear interest at a tiered rate, based on the company’s consolidated leverage ratio. The initial rate is Libor plus 450 basis points.

The term loan will have a moratorium on principal repayment for 21 months and will amortize quarterly beginning November 2022.

The loan is subject to certain standardized financial covenants.

ING Bank NV and DBS Bank Ltd. served as underwriters and were the lead lenders of the previous senior debt facility, which was repaid in full.

Startek is a technology service provider located in Greenwood Village, Colo.

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