New Credit Facility Reduces Annual Interest Expense, Adds Flexibility, Increases Capacity and Extends Maturity
NEW YORK, NY, September 2, 2021 – TransPerfect, the world's largest provider of language and technology solutions for global business, today announced that it has refinanced its existing credit facility with a new $500 million credit facility (consisting of a $250 million term loan and a $250 million revolving credit line) that matures on August 27, 2026. The new credit facility replaces the company’s previous $450 million credit facility.
TransPerfect President and CEO Phil Shawe stated, “ Our company’s ability to improve our capital structure and to access the credit markets is a direct reflection of our 7,000 team members worldwide. TransPerfect staff has continued to deliver at a high level for our clients in the wake of any and all adversity. Their professionalism, dedication, and resilience is inspiring.”
TransPerfect previously announced Q2 2021 billed revenue of $267 million, a 35% increase over the same period in 2020. Revenues for the first half of 2021 put the company on a pace to exceed $1 billion in annual revenue for the first time in its history.
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.
“Bank of America was pleased by the strong market receptivity to the transaction. TransPerfect has demonstrated remarkable resilience during difficult times, and we are gratified to help advise them through their journey and growth,” said Stacey Hadash, Market Executive for Global Commercial Banking at Bank of America.
Shawe concluded, “This new facility is also a testament to TransPerfect's relationships with our banking partners. We appreciate not only their trust, but also their recognition of our performance—in terms of more favorable rates and an increased ability to pursue growth opportunities.”
TransPerfect is the world’s largest provider of language and technology solutions for global business. From offices in over 100 cities on six continents, TransPerfect offers a full range of services in 170+ languages to clients worldwide. More than 5,000 global organizations employ TransPerfect’s GlobalLink® technology to simplify management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at www.transperfect.com.