TransPerfect Gets $500 Million Credit Facility for Refinancing

August 31, 2021

By: Lara Wieczezynski and Katherine Doherty (Bloomberg) –

TransPerfect Gets $500 Million Credit Facility for Refinancing

The new credit facility — comprised of a $250 million term loan and a $250 million revolving credit line replaces the company’s previous $450 million deal, according to a company statement seen by Bloomberg.

* Loan has a 5-year maturity (Aug. 27, 2026)

* Admin. Agent: BofA

* Arrangers also include BofA, JPM and Citi*

* Syndicate also includes Regions Bank, Signature Bank, Webster Bank and Bank United

* Lower rate than the facility it replaced, which had been priced at L+300

* Greater flexibility on covenants

* The refinancing “is a significant event that validates TransPerfect’s record of consistently growing revenues and cashflow while reducing overall leverage,” Chief Executive Officer Phil Shawe said in the statement

* Company announced 2Q 2021 billed revenue of $267m, a 35% increase over the same period in 2020, said release

* Revenues for 1H 2021 put company on track to exceed $1b in annual revenue

* Business: Language services

* Information also from person familiar with the matter, who is not authorized to speak publicly and asked not to be identified

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