Exela Technologies Secures Term Loan of $145 Million
December 17 2020 - 5:03PM
Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA), a
location-agnostic global business process automation leader,
announced that it has entered into a 5-year, $145
million term loan facility with Angelo Gordon, a global
alternative investment firm. The facility provides for an initial
funding of approximately $92 million and subject to certain
conditions a further funding of approximately $53 million. A
portion of the proceeds from the initial funding will be used to
retire all debt outstanding under Exela’s accounts receivables
securitization facility of approximately $83 million. Liquidity, as
determined in accordance with the First Lien Credit Agreement,
dated as of July 12, 2017, as amended, to which Exela’s
subsidiaries are party, will be greater than $140 million assuming
full funding under the new facility. On that basis, the Company’s
previously announced strategic initiative to improve liquidity to
approximately $150 million will be substantially achieved. The
company’s filed 8-K includes additional transaction details.
About Exela
TechnologiesExela Technologies is a business process
automation (BPA) leader, leveraging a global footprint and
proprietary technology to provide digital transformation solutions
enhancing quality, productivity, and end-user experience. With
decades of expertise operating mission-critical
processes, Exela serves a growing roster of more than
4,000 customers throughout 50 countries, including over 60% of the
Fortune® 100. With foundational technologies spanning
information management, workflow automation, and integrated
communications, Exela’s software and services include
multi-industry department solution suites addressing finance and
accounting, human capital management, and legal management, as well
as industry-specific solutions for banking, healthcare, insurance,
and public sectors. Through cloud-enabled platforms, built on a
configurable stack of automation modules, and over 21,000 employees
operating in 23 countries, Exela rapidly deploys
integrated technology and operations as an end-to-end digital
journey partner.
About Angelo GordonAngelo,
Gordon & Co., L.P. (“Angelo Gordon”) is a privately held
limited partnership founded in November 1988. The firm currently
manages approximately $41 billion with a primary focus on credit
and real estate strategies. Angelo Gordon has over 500 employees,
including more than 200 investment professionals, and is
headquartered in New York, with associated offices elsewhere in the
U.S., Europe, and Asia. For more information, visit
www.angelogordon.com.
Forward-Looking Statements: Certain statements included in this
press release are not historical facts but are forward-looking
statements for purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "may",
"should", "would", "plan", "intend", "anticipate", "believe",
"estimate", "predict", "potential", "seem", "seek", "continue",
"future", "will", "expect", "outlook" or other similar words,
phrases or expressions. These forward-looking statements include
statements regarding our industry, future events, estimated or
anticipated future results and benefits, future opportunities for
Exela, and other statements that are not historical facts. These
statements are based on the current expectations of Exela
management and are not predictions of actual performance. These
statements are subject to a number of risks and uncertainties,
including without limitation those discussed under the heading
"Risk Factors" in the Annual Report and other securities filings.
In addition, forward-looking statements provide Exela's
expectations, plans or forecasts of future events and views as of
the date of this communication. Exela anticipates that subsequent
events and developments will cause Exela's assessments to change.
These forward-looking statements should not be relied upon as
representing Exela's assessments as of any date subsequent to the
date of this press release.
Media Contact: Kevin McLaughlinE: kevin.mclaughlin@icrinc.comT:
646-277-1234
Investor Contact: William MainaE: IR@exelatech.com T:
646-277-1236
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