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Webhelp Announces Debt Refinancing

23rd January 2017

Webhelp, a global leader in business process outsourcing (BPO), has announced the closing of a €75m add-on and a re-pricing of its existing €560m First Lien Term Loan Facilities. Pro forma for the new raise, the total First Lien Term Facilities are €635m.

 

The transaction optimises Webhelp’s financing structure by decreasing annual interest expense as well as providing strong liquidity for its next phase of growth and expansion.

 

Pricing of the existing €560m First Lien Term Loan Facility was reduced from a margin of 550bps to 425bps at Par from initial guidance of 450-475bps coupled with a lender fee of 0.25%.

 

Given the strong investor support, the size of the add-on was increased from €50m to €75m. Proceeds of the add-on repay the company’s RCF borrowings and free up dry-powder for future acquisitions.

 

In addition, to better match its underlying cash flows, Webhelp was able to introduce a new £75m tranche.

 

The offering was very well received, achieving unanimous consent from the existing lenders and a very strong orderbook for the new money.

 

The debt facilities were originally syndicated in early 2016 when KKR became a new investor and financial partner to Webhelp. The terms of the refinancing demonstrate the soundness of the industry fundamentals, the relevance of Webhelp’s business model and the quality of its management team.

 

The transaction was arranged by KKR Capital Markets and Nomura.

 

ENDS

 

Press information:

Heather Astbury, head of PR at Webhelp, on +44(0)7825 593242 heather.astbury@uk.webhelp.com

 

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About Webhelp

Webhelp is a global business process outsourcer (BPO), specialising in customer experience and payment management in addition to sales and marketing services across voice, social and digital channels.

From more than 25 countries with a 35,000-strong team, our focus is on engineering performance improvements and delivering a real and lasting transformation in our clients’ operating models to generate financial advantage. We partner with some of the world’s most progressive brands including Sky, Shop Direct, Bouygues, Direct Energie, KPN, Vodafone, La Redoute, Michael Kors and Valentino.

Headquartered in Paris, France, the company has grown its revenues by more than 250% in the last 4 years by investing in its people, the environment they work in and developing its analytical and operating capability to deliver a transformational outsourcing proposition that addresses the challenges of an omni-channel world.

Webhelp is owned by its management and KKR, a leading global investment firm, as of February 2016.

More information can be found at www.webhelp.com

 

 


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Article by: Heather Astbury

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