Exela Technologies Announces Completion of $150 million At-the-Market Offering
September 01 2021 - 8:30AM
Exela Technologies, Inc. (“Exela” or the“Company”) (NASDAQ:XELA), a
global business process automation (“BPA”) leader across numerous
industries, today announced that the Company completed its $150
million at-the market equity program (ATM) announced on June 30,
2021.
The Company has an expanded liquidity position
of over $200 million as of August 31, 2021 and has reduced
cumulative net debt by $200 million year-to-date. These actions
position Exela well to pursue strategic growth investments and
other value creation opportunities. As discussed on our Q2 2021
earnings call, the Company plans to continue the strategy to
further create shareholder value through opportunistic debt
repurchases to improve Exela’s free cash flow generation.
Ron Cogburn, Exela’s Chief Executive Officer,
noted, “I want to thank our vibrant and global shareholder base,
especially the retail investors for showing their continued support
and confidence in us as we continue to transform Exela to become a
global powerhouse with leading brand recognition in the industries
we serve.”
Note:
Net debt is calculated as the difference between
the total debt outstanding (including $1.0 billion of senior
secured notes, $355.1 million of term loans under the Credit
Agreement, $83.5 million of revolving credit facility, $21.8
million of capital leases and $32.0 million of other debt) and the
sum of $94.6 million debt repurchased (but not retired following
the quarter end) and $161.0 million of consolidated cash balances
as of August 31, 2021.
Liquidity as defined per the third amendment of
the credit agreement effective May 15, 2020. Includes $24 million
as addbacks for fees paid for advisory and professional services in
the Year-to-date period.
For more Exela news, commentary, and industry
perspectives, visit: https://investors.exelatech.com/
And please follow us on social:
Twitter:
https://twitter.com/exelatech
LinkedIn:
https://www.linkedin.com/company/exela-technologies
Facebook:
https://www.facebook.com/exelatechnologies/
Instagram:
https://www.instagram.com/exelatechnologies
The information posted on the Company's website
and/or via its social media accounts may be deemed material to
investors. Accordingly, investors, media and others interested in
the Company should monitor the Company's website and its social
media accounts in addition to the Company's press
releases, SEC filings and public conference calls and
webcasts.
About Exela
Technologies
Exela Technologies is a business process
automation (BPA) leader, leveraging a global footprint and
proprietary technology to provide digital transformation solutions
enhancing quality, productivity, and end-user experience. With
decades of experience operating mission-critical
processes, Exela serves a growing roster of more than
4,000 customers throughout 50 countries, including over 60% of the
Fortune® 100. Utilizing foundational technologies spanning
information management, workflow automation, and integrated
communications, Exela’s software and services include
multi-industry, 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. Through cloud-enabled platforms, built on a
configurable stack of automation modules, and over 18,000 employees
operating in 23 countries, Exela rapidly deploys
integrated technology and operations as an end-to-end digital
journey partner
Forward-Looking Statements
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 generally are 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 regarding our industry, future events, estimated or
anticipated 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 management and are not predictions of actual
performance. These statements are subject to a number of risks and
uncertainties, including without limitation those discussed under
the heading "Risk Factors" in Exela's Annual Report and
other securities filings. In addition, forward-looking statements
provide Exela's expectations, plans or forecasts of
future events and views as of the date of this
communication. Exela anticipates that subsequent events
and developments will cause Exela's assessments 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.
Investor and/or Media Contacts:
Vincent
KondaveetiE: vincent.kondaveeti@exelatech.comT:
929-620-1849
Mary Beth BenjaminE: IR@exelatech.comT:
646-277-1216
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Exela Technologies (NASDAQ:XELA)
Historical Stock Chart
From Sep 2023 to Sep 2024