Sitel sets pricing on U.S., euro loans at Libor/Euribor plus 375 bps

By Sara Rosenberg

New York, July 27 – Sitel Group firmed pricing on its $1.4 billion seven-year covenant-lite term loan and €1 billion seven-year covenant-lite term loan at Libor/Euribor plus 375 basis points, the high end of the Libor/Euribor plus 350 bps to 375 bps talk, according to a market source.

In addition, the original issue discount on both term loans (B1/BB-) was changed to 99.5 from 99, the source said.

The U.S. term loan still has a 0.5% Libor floor, the euro term loan still has a 0% floor and both term loans still have 101 soft call protection for six months.

BNP Paribas Securities Corp. and Barclays are the leads on the deal.

Recommitments are due at 10 a.m. ET on Wednesday, the source added.

Proceeds will be used to help fund the acquisition of Sykes Enterprises Inc. for about $2.2 billion.

Closing is expected in the second half of this year, subject to Sykes’ shareholder approval, regulatory approval and other customary conditions.

Sitel is a Miami-based provider of customer experience products and solutions. Sykes is a Tampa, Fla.-based provider of customer experience management services, multichannel demand generation and digital transformation.

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