Startek Announces $185 Million Debt Refinancing
– Startek has successfully completed a debt refinancing with a newly secured $185m senior debt facility, comprising a $165m term loan and a $20m revolving credit facility.
– Borrowings under the new senior debt will bear a tiered interest rate, which is based on the Company’s consolidated net leverage ratio and is initially set at LIBOR plus 450 basis points.
– The term loan will have a moratorium on principal repayment for 21 months and will amortize quarterly thereafter, beginning November 2022.
– The loan is subject to certain standardized financial covenants.
– ING Bank N.V. and DBS Bank Ltd. served as underwriters for the new senior debt facility and were the lead lenders of the previous senior debt facility, which is now repaid in full.
Back Office Services Company Pilot Raises $60 Million Series C
– Pilot is a back office services company.
– The company raised $60m in Series C funding.
– Sequoia Capital led the round and joined by Index Ventures and Stripe.