Conduent Closes $447M Revolver Refinancing, Adds $90M of Commitments
CNDT sits 51% above its 52-week low of $1.15 on elevated volume (2.5× avg).
Summary
Conduent closed a refinancing of its $357 million revolver, extending maturities to May 2029 and adding $90 million of new commitments, with a new default trigger if it fails to secure $100 million of factoring capacity by December 31, 2026.
Key Events · Financing and Capital Events · CNDT
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Revolver Refinanced Through May 2029
Conduent extended its $357 million senior secured revolving facilities to a May 31, 2029 maturity and added $90 million of commitments: $75 million of new first-out revolving commitments plus a new $15 million backstop performance letter-of-credit facility.
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Pricing and Exit Fee Terms
The first-out revolver bears SOFR + 4.00% (base rate + 3.00%); the second-out bears SOFR + 3.00% (base rate + 2.00%), stepping up to 4.00%/3.00% after August 26, 2028. A 2.00% exit fee applies to second-out commitments not refinanced in full by August 26, 2028.
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New Factoring Condition Default Trigger
The credit agreement adds an event of default if the borrower has not entered a qualified securitization or receivables facility of at least $100 million by December 31, 2026 (extendable up to 45 days with lender consent), or if that condition later fails.
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$62M Repaid From Transit Sale Proceeds
Conduent repaid $62 million to certain existing lenders under the new second-out facilities using net proceeds from the previously disclosed Public Transit business sale.
Analysis · CNDT · Trade & Services
Conduent has finalized the refinancing it flagged on October 15, extending $357 million of revolving commitments to May 31, 2029 and adding $90 million of new capacity ($75 million first-out revolver plus a $15 million performance letter-of-credit backstop). That new money buys liquidity headroom, but it comes with tighter strings: a 2.00% exit fee on the second-out commitments if they are not refinanced by August 26, 2028, and a new default trigger if the company has not lined up at least $100 million of receivables/factoring capacity by December 31, 2026. The company also carved its government health and eligibility businesses into new holding entities and released them as guarantors, and repaid $62 million from the Public Transit sale proceeds. For a company that just posted a $116 million quarterly net loss, securing committed bank capacity through 2029 is a survival positive, but the Factoring Condition deadline is the near-term item to track.
How filings like this one have moved
In the 30 days to Oct 23, 2026, 29.2% of the 1549 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.17%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CNDT was trading at $1.74 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $278.4M. The 52-week trading range was $1.15 to $2.66. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.