MIAMI, Dec. 5, 2018 /PRNewswire/ -- Sitel Group, one of the largest customer experience (CX) management companies in the world, today announced the refinancing of its credit facility. The new credit facility includes a three percent average interest rate (down from 8 percent), $515 million long-term loan and a $90 million revolving credit facility, offering the company greater flexibility in its cash management. The strategic refinancing initiative provides Sitel Group with the financial strength to continue its efforts in executing innovative business strategies globally. Additionally, Sitel Group's Global S&P rating has improved from a B- to a B, confirming the industry's confidence in the company's leadership, stability and profitability.
Dating back to Sitel Group's merger with ClientLogic in 2007, the company faced financial hardships with a debt ceiling of $800 million and a steep interest rate of 11 percent. In 2015, when the company was acquired by Groupe Acticall, it received a $400 million equity contribution from the parent company and was the first step toward significantly decreasing the company's debt. After two years of restructuring, reorganizing and implementing a new business strategy, Sitel Group has redesigned its remaining debt in a far more cost effective manner.
"I'm immensely proud and happy to turn the page on the last 10 years and to start a new financial chapter of strength, stability and innovation for our group," said Laurent Uberti, President, CEO and founding partner of Sitel Group. "The fact we were able to complete this refinancing in today's economic environment is a testament to our track record, our ability to generate sustainable operating results and our bright future. Moreover, this new credit capability extends our debt maturity profile and positions us to further execute our business strategy. The amended credit facility jumpstarts new financial momentum for our group and opens the door for us to further innovate the customer experience for our people, our clients and our clients' customers. Our solid and consistent equity structure along with or long-term and global shareholders makes us as one of the best partners to build the future of our clients."
The comprehensive debt refinancing agreement not only positions Sitel Group for continued long-term success but also supports the company's strategic business objectives including:
About Sitel Group
Sitel Group is one of the largest customer experience management companies in the world. The group is comprised of industry-leading firms providing business process outsourcing, digital customer experience, training and talent management, technology and innovation and consulting and analytics solutions.
With subsidiaries such as Sitel, TSC, Learning Tribes, Extens Consulting, Sitel Insights and Novagile, the group's services are leveraged across geographies, verticals and all stages of the end-to-end customer journey, helping clients effectively harness the industry's explosive digital transformation and consistently deliver outstanding customer experiences.
With over 30 years of industry-leading experience, Sitel Group's 75,000 associates service over 400 clients – Fortune Global 500 companies as well as local businesses – through its network of more than 150 offices in 25+ countries.
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SOURCE Sitel Group