Exela Technologies agrees to trade with Revolving
IRVING, Texas, March 07, 2022 (GLOBE NEWSWIRE) — Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA), today announced that certain of its subsidiaries have entered into a loan swap revolving and prepayment Agreement with certain financial institutions acting as revolving lenders under its senior credit agreement dated July 12, 2017 (as amended or otherwise modified from time to time). Pursuant to the exchange, all amounts outstanding under the Revolving Facility will be exchanged for (i) $50.0 million in cash and (ii) $50.0 million in 11.500% Senior Secured Notes maturing in 2026. Upon closing of the Exchange, all Revolving Loans will be canceled and the obligation to pay any amount due under such Revolving Loans (including on their scheduled maturity date of July 12, 2022) will cease. terminated and all accrued and unpaid interest and charges on such revolving loans shall be paid upon closing. Following this exchange, there will be no more debt maturities in 2022.
Completion of the exchange is subject to customary closing conditions, including that closing must occur no later than March 28, 2022.
About Exela Technologies
Exela Technologies is a leader in business process automation (BPA), leveraging a global footprint and proprietary technology to deliver digital transformation solutions that improve quality, productivity and user experience final. With decades of experience operating mission-critical processes, Exela serves a growing list of more than 4,000 customers in 50 countries, including more than 60% of the Fortune® 100. Using core technologies spanning information management , workflow automation and integrated communications, Exela’s software and services include multi-industry and departmental solution suites addressing finance and accounting, human capital management and legal management, as well as industry-specific solutions for banking, healthcare, insurance and the public sector. With cloud-enabled platforms, built on a configurable stack of automation modules, and more than 17,500 employees operating in 23 countries, Exela is rapidly deploying integrated technology and operations as an end-to-end digital travel partner. end.
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 are generally 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 about our industry, future events, estimated or expected 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’s management and do not constitute forecasts of actual performance. Such statements are subject to a number of risks and uncertainties, including, without limitation, those discussed under “Risk Factors” in the Exchange Offer and Exela’s Annual Report and other securities filings. In addition, forward-looking statements provide Exela’s expectations, plans or forecasts regarding future events and beliefs as of the date of such communication. Exela anticipates that subsequent events and developments will cause Exela’s ratings 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.
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