Daily News: August 25, 2014

RBC, SunTrust Robinson Humphrey Lead MSXI Refi Syndicate


MSX International, a global business process outsourcing company, completed the refinancing of its outstanding debt having raised $260 million of senior secured credit facilities in a syndicated financing led by RBC Capital Markets and SunTrust Robinson Humphrey.

RBC Capital Markets and SunTrust Robinson Humphrey acted as joint lead arrangers on the refinancing and Royal Bank of Canada will serve as the administrative agent to the company. The proceeds of the refinancing were used to repay the debt incurred from the company’s previous refinancing transaction in 2012.

The refinancing will result in a reduction of MSXI’s annual debt interest costs by more than 50%. Included in the new credit facilities, MSXI secured a $40 million revolving credit facility which will be provided by a group of lenders including Fifth Third, FirstMerit, Hitachi Capital America and JPMorgan Chase.

The successful refinancing of our entire outstanding debt and the significant reduction of our interest expense is an indication that the investment community values our business model and is confident our growth will remain strong, said Fred Minturn, MSXI president and C.E.O. Our focus is always to ensure that we can serve our customers with innovation and excellence. A strong and continuously improving financial position allows us that focus.