EXL Closes New $1B Senior Secured Credit Facility, Replacing $600M Prior Facility

summarizeSummary

EXL closed a new $1 billion senior secured credit facility, replacing its prior $600 million agreement and increasing borrowing capacity to support acquisitions and buybacks.

check_boxKey Events · Financing and Capital Events · EXLS

• New $1B Credit Facility Closed

  EXL entered into a new $1 billion senior secured credit agreement with PNC as administrative agent, consisting of a $600 million revolving credit facility and a $400 million term loan, maturing August 18, 2031.

• Prior Facility Terminated

  The company repaid approximately $532.7 million outstanding under its prior Citibank credit agreement and terminated that facility, which had provided a $500 million revolver and $100 million term loan.

• Expanded Borrowing Capacity

  The new facility increases total borrowing capacity from $600 million to $1 billion, with an accordion feature allowing expansion up to the greater of $470 million or 100% of EBITDA.

• Financial Covenants

  The agreement requires a minimum Interest Coverage Ratio of 3.00x and a maximum Total Net Leverage Ratio of 3.50x, which can step up to 4.00x for four quarters following a qualifying material acquisition.

auto_awesomeAnalysis · EXLS · Trade & Services

EXL replaced its existing $600 million credit agreement with a new $1 billion senior secured facility, increasing borrowing capacity by $400 million and extending maturity to 2031. The new facility includes a $600 million revolver and a $400 million term loan, with proceeds used to repay $532.7 million outstanding under the prior Citibank agreement. The expanded capacity and covenant flexibility support the company's M&A strategy and share buyback program, but adds secured debt obligations and financial covenants that could constrain future capital allocation if leverage rises.