TransPerfect, a provider of language and technology solutions, refinanced its existing credit facility with a $500 million credit facility (consisting of a $250 million term loan and a $250 million revolving credit line) maturing on Aug. 27, 2026. The new credit facility replaces the company’s previous $450 million credit facility.

A banking syndicate arranged by Bank of America, JPMorgan Chase and Citibank provided the new facility, 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.

“Bank of America was pleased by the strong market receptivity to the transaction. TransPerfect has demonstrated remarkable resilience during difficult times, and we are gratified to help advise them through their journey and growth,” Stacey Hadash, market executive for global commercial banking at Bank of America, said.

“This refinancing is a significant event that validates TransPerfect’s record of consistently growing revenues and cash flow while reducing overall leverage,” Phil Shawe, president and CEO of TransPerfect, said. “Our company’s ability to improve our capital structure and to access the credit markets is a direct reflection of our 7,000 team members worldwide. TransPerfect staff has continued to deliver at a high level for our clients in the wake of any and all adversity. Their professionalism, dedication and resilience is inspiring.”

TransPerfect’s Q2/21 billed revenue of $267 million marked a 35% increase over the same period in 2020. Revenues for the first half of 2021 put the company on a pace to exceed $1 billion in annual revenue for the first time in its history.

“This new facility is also a testament to TransPerfect’s relationships with our banking partners,” Shawe said. “We appreciate not only their trust, but also their recognition of our performance —in terms of more favorable rates and an increased ability to pursue growth opportunities.”