TransPerfect, a provider of language and technology solutions for global business, has refinanced its existing credit facility. A new $450 million credit facility (consisting of a $400 million term loan and a $50 million revolving credit line) will replace and terminate a previous $445 million credit facility used during the consolidation of the company’s ownership in 2018.

The new facility matures on June 7, 2024, and bears an initial annual interest rate of LIBOR plus 3.00%.

TransPerfect President and CEO Phil Shawe called the refinancing a significant event that will enhance cash flow for operations and further bolster the company’s already impressive growth.

“We would like to thank our banking partners for their vote of confidence in TransPerfect. The strong credit market and high demand for TransPerfect’s term loan has enabled us to reduce our interest expense by approximately $15 million per year and has enhanced our ability to re-invest in the business,” added Shawe.

The new facility was arranged by Bank of America, JPMorgan Chase Bank, and Citibank, with Bank of America acting as the sole administrative agent.

Baker Botts acted as transaction counsel, and CDX Advisors acted as financial advisor to TransPerfect.

From offices in more than 90 cities on six continents, TransPerfect offers a full range of services in more than 170 languages to clients worldwide.