WNS Announces Voluntary Debt Prepayment
April 02 2009 - 8:21AM
Marketwired
WNS (Holdings) Limited (NYSE: WNS), a leading provider of global
business process outsourcing (BPO) services, today announced that
it intends to make a voluntary prepayment of $5 million on its
existing $200 million term loan facility in early April 2009 as
permitted under the terms of the loan agreement.
The loan, which matures in January 2013, was used to finance the
July 2008 acquisition of Aviva Global Services, the captive BPO
business of Aviva, one of the world's largest insurance groups. WNS
will also make a scheduled $20 million payment on the facility in
July 2009, pursuant to the terms of the loan agreement.
"Our ability to make a meaningful prepayment on this facility
using our available cash is indicative of the cash flows generated
by our business, our strong balance sheet and the overall financial
health of WNS, as well as the successful integration of Aviva
Global Services into the rest of our company," said Alok Misra,
WNS's Group CFO. "Depending on market conditions, we will consider
making additional prepayments on this loan in the future in an
effort to further reduce our interest expense."
The company had $36 million in cash as of December 31, 2008, and
a cash balance close to $50 million as of the end of March
2009.
About WNS
WNS is a leading global business process outsourcing company.
Deep industry and business process knowledge, a partnership
approach, comprehensive service offering and a proven track record
enable WNS to deliver business value to some of the leading
companies in the world. WNS is passionate about building a
market-leading company valued by our clients, employees, business
partners, investors and communities. For more information, visit
www.wns.com
Safe Harbor Statement under the provisions of the United States
Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements, as
defined in the safe harbor provisions of the US Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements regarding our pending prepayment and scheduled
payment on our loan facility as well as potential prepayment on the
loan facility in the future. These statements involve a number of
risks, uncertainties and other factors that could cause actual
results to differ materially from those that may be projected by
these forward looking statements. These risks and uncertainties
include but are not limited to technological innovation;
telecommunications or technology disruptions; future regulatory
actions and conditions in our operating areas; our dependence on a
limited number of clients in a limited number of industries; our
ability to attract and retain clients; our ability to expand our
business or effectively manage growth; our ability to hire and
retain enough sufficiently trained employees to support our
operations; negative public reaction in the US or the UK to
offshore outsourcing; regulatory, legislative and judicial
developments; increasing competition in the business process
outsourcing industry; political or economic instability in India,
Sri Lanka and Jersey; worldwide economic and business conditions,
including a slowdown in the US and Indian economies and in the
sectors in which our clients are based and a slowdown in the BPO
and IT sectors world-wide; our ability to successfully grow our
revenues, expand our service offerings and market share and achieve
accretive benefits from our acquisition of Aviva Global Services
Singapore Private Limited and our master services agreement with
Aviva Global Services (Management Services) Private Limited; our
ability to successfully consummate strategic acquisitions, as well
as other risks detailed in our reports filed with the US Securities
and Exchange Commission. These filings are available at
www.sec.gov. We may, from time to time, make additional written and
oral forward-looking statements, including statements contained in
our filings with the Securities and Exchange Commission and our
reports to shareholders. You are cautioned not to place undue
reliance on these forward-looking statements, which reflect
management's current analysis of future events. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACT: Investors: Alan Katz VP -- Investor Relations WNS
(Holdings) Limited +1 212 599-6960 ext. 241 Email Contact Media:
Josh Passman CJP Communications +1 212 279-3115 ext. 203 Email
Contact
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