WNS Announces Scheduled Payment on Term Loan
January 11 2011 - 8:36AM
Marketwired
WNS (Holdings) Limited (NYSE: WNS), a leading provider of global
business process outsourcing (BPO) services, today announced that
it has made its scheduled term loan repayment of $20 million on its
existing $94 million term loan facility on January 10, 2011, in
accordance with the terms of the loan agreement. WNS refinanced its
previously existing term loan facility in July 2010 to take
advantage of lower interest rates. The interest rate of the
existing term loan is approximately 100 basis points lower than the
previous facility.
As a result of this payment, the outstanding amount due under
the term loan was reduced to $74 million. The next scheduled
repayment of the term loan facility of $20 million is due in July
2011.
"This repayment brings our total loan payments on this facility
during the fiscal year to over $60 million. I am very comfortable
that we will continue to be able to make the scheduled repayments
on this loan," said Alok Misra, WNS's Group CFO. "Our balance sheet
is strong and we are generating cash. Given the current low
interest rates, we do not presently see prepayments as the best use
of excess cash. We plan on reinvesting in the sales function of the
business to support top and bottom line growth."
About WNS WNS (Holdings) Limited (NYSE: WNS), is a leading
global business process outsourcing company. WNS offers business
value to 200+ global clients by combining operational excellence
with deep domain expertise in key industry verticals including
Travel, Insurance, Banking and Financial Services, Manufacturing,
Retail and Consumer Packaged Goods, Shipping and Logistics and
Healthcare and Utilities. WNS delivers an entire spectrum of
business process outsourcing services such as finance and
accounting, customer care, technology solutions, research and
analytics and industry specific back office and front office
processes. WNS has over 21,000 professionals across 21 delivery
centers worldwide including Costa Rica, India, Philippines,
Romania, Sri Lanka and United Kingdom. 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 release contains forward-looking statements, as defined in
the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on our current expectations, assumptions, estimates and
projections about our Company and our industry. The forward-looking
statements are subject to various risks and uncertainties.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "anticipate,"
"believe," "estimate," "expect," "intend," "will," "project,"
"seek," "should" and similar expressions. These statements include,
among other things, the discussions of our expectations concerning
our future results and interest rate savings. We caution you that
reliance on any forward-looking statement involves risks and
uncertainties, and that although we believe that the assumptions on
which our forward-looking statements are based are reasonable, any
of those assumptions could prove to be inaccurate, and, as a
result, the forward-looking statements based on those assumptions
could be materially incorrect. These factors include but are not
limited to worldwide economic and business conditions; political or
economic instability in the jurisdictions where we have operations;
regulatory, legislative and judicial developments; our ability to
attract and retain clients; 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; the
implications of our recently announced accounting changes and
restatement of our financial statements and any adverse
developments in existing legal proceedings or initiation of new
legal proceedings; 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;
increasing competition in the BPO industry; our ability to
successfully grow our revenue, expand our service offerings and
market share and achieve accretive benefits from our acquisition of
Aviva Global Services Singapore Pte. Ltd. (which we have renamed as
WNS Customer Solutions (Singapore) Private Limited following our
acquisition) and our master services agreement with Aviva Global
Services (Management Services) Private Limited; our ability to
successfully consummate strategic acquisitions; and volatility of
our ADS price. These and other factors are more fully discussed in
our annual report on Form 20-F for the fiscal year ended March 31,
2010 filed with the U.S. Securities and Exchange Commission which
is available at www.sec.gov. In light of these and other
uncertainties, you should not conclude that we will necessarily
achieve any plans, objectives or projected financial results
referred to in any of the forward-looking statements. Except as
required by law, we do not undertake to release revisions of any of
these forward-looking statements to reflect future events or
circumstances.
CONTACT: Investors & Media: Alan Katz Investor Relations WNS
(Holdings) Limited +1 212-277-8183 ir@wns.com
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