DETROIT — The business process outsourcing company MSX International says it has completed the refinancing of its outstanding debt Aug. 21, a move that will slash its interest costs.
MSXI raised $260 million of senior secured credit facilities in a
syndicated financing led by RBC Capital Markets of New York City and Atlanta, Ga.-based SunTrust Robinson Humphrey Inc. The proceeds of the refinancing were used to repay the debt incurred from the company’s previous refinancing transaction in 2012.
The refinancing will result in a reduction of MSXI’s annual debt
interest costs by more than 50 percent.
Included in the new credit facilities, MSXI secured a $40 million
revolving credit facility which will be provided by a group of lenders
including Fifth Third Bank, FirstMerit Bank N.A., Hitachi Capital
America Corp., and JPMorgan Chase Bank N.A.
“The successful refinancing of our entire outstanding debt and the
significant reduction of our interest expense is an indication that the
investment community values our business model and is confident
our growth will remain strong,” said Fred Minturn, MSXI president and CEO. “Our focus is always to ensure that we can serve our customers with innovation and excellence. A strong and continuously improving financial position allows us that focus.”
MSX International provides technology based services in more than
80 countries, including data analytics and custom software
development, to improve the performance of automotive dealership
networks by increasing revenue, reducing cost and enhancing
customer satisfaction. Geometric Results Inc., a subsidiary of MSXI,
is the world’s largest independent managed services provider in the
human capital management industry. GRI maximizes the benefits of a
contingent workforce on behalf of customers by maintaining a conflict free position relative to staffing suppliers and technology platforms.
More at www.msxi.com.
More about the funding sources at www.rbccm.com or
www.suntrustrh.com.