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Startek's subsidiary refinances $185 million debt - The Hindu BusinessLine

Startek’s subsidiary refinances $185 million debt
February 25, 2021
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CSP Alpha Holdings Pte Ltd, a wholly-owned subsidiary of Startek, has completed refinancing of a newly-secured $185 million debt facility, comprising a $165-million term loan and a $20-million revolving credit facility.
Borrowings under the new senior debt will bear a tiered interest rate, which is based on the company’s consolidated net leverage ratio and is initially set at LIBOR plus 450 basis points, the company said in a statement.
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“Our new credit facility allows us to extend the maturities of our debt and provides enhanced liquidity. Most importantly, it has a moratorium on principal repayments for the first 21 months, which will provide increased flexibility for the company to manage its operations and finances. This also enables us to take advantage of growth opportunities and long-term strategic investments that can further improve the margin profile and earnings power of the organization,” Aparup Sengupta, Startek’s Chairman and Global Chief Executive Officer, said.

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Startek Announces $185 Million Debt Refinancing

Startek Announces $185 Million Debt Refinancing
Thursday, February 25, 2021 8:35PM IST (3:05PM GMT)
New Senior Debt Extends Maturity to February 2026

Greenwood Village, Colo., United States:

Startek, Inc. (NYSE: SRT) ("Startek" or the "Company"), a global provider of customer experience management solutions, today announced that CSP Alpha Holdings Pte. Ltd., a wholly-owned subsidiary of the Company, has successfully completed a debt refinancing with a newly secured $185 million senior debt facility, comprising a $165 million term loan and a $20 million revolving credit facility. Borrowings under the new senior debt will bear a tiered interest rate, which is based on the Company’s consolidated net leverage ratio and is initially set at LIBOR plus 450 basis points.

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