TransPerfect Announces $450 Million Debt Refinancing

Jun 25, 2019

TransPerfect, the world's largest provider of language and technology solutions for global business, announced that it has refinanced its existing credit facility. A new $450 million credit facility (consisting of a $400 million term loan and a $50 million revolving credit line) will replace and terminate a previous $445 million credit facility used during the consolidation of the company’s ownership in 2018. The new facility matures on June 7, 2024, and bears an initial annual interest rate of LIBOR plus 3.00%.

TransPerfect President and CEO Phil Shawe called the refinancing a significant event that will enhance cash flow for operations and further bolster the company’s already impressive growth. TransPerfect previously announced that 2018 billed revenue increased 15% to $705 million. Our strong revenue growth, coupled with significant operating efficiencies, resulted in EBITDA increasing approximately 22% from 2017 to 2018.

The new facility was provided through a banking syndicate arranged by Bank of America, N.A., JPMorgan Chase Bank, N.A., and Citibank, N.A., with Bank of America acting as the sole administrative agent. Baker Botts LLP acted as transaction counsel, and CDX Advisors acted as financial advisor to TransPerfect.

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