WNS Announces Second Scheduled Payment and Third Voluntary Prepayment on Term Loan
January 07 2010 - 8:50AM
Marketwired
WNS (Holdings) Limited (NYSE: WNS), a leading provider of global
business process outsourcing (BPO) services, today announced that
it will make its second scheduled term loan repayment of $20
million on its existing $200 million term loan facility, of which
$170 million is currently outstanding. In addition, WNS intends to
make its third voluntary prepayment of $15 million of the term
loan. Both payments will be made on January 11, 2010, in accordance
with the terms of the loan agreement. WNS has previously made two
voluntary prepayments of $5 million each of the term loan in April
and July 2009, respectively.
After these payments are made, the outstanding amount under the
term loan will be reduced from the original $200 million to $135
million, and WNS will have repaid a total amount of $65 million as
against scheduled repayments of $40 million. The next scheduled
repayment of the term loan facility of $20 million is due in July
2010.
"This is the largest amount that we are repaying on the term
loan to date, and it demonstrates the strength of WNS's balance
sheet," said Alok Misra, WNS' Group CFO. "While the prepayment of
$15 million will result in a one-time cost of approximately $1
million due to unwinding of interest rate swaps, the future
interest savings are significant and will boost our overall
margins. Our cash flows continue to be strong and we will consider
making additional prepayments on this term loan in the future in
order to further reduce our interest expense," he added.
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 Pte Ltd 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:
Emily Cleary CJP Communications +1 212 279-3115 ext. 257 Email
Contact
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