NCO Group Announces Amendment of Credit Facility
21 Juin 2005 - 11:38PM
PR Newswire (US)
NCO Group Announces Amendment of Credit Facility HORSHAM, Pa., June
21 /PRNewswire-FirstCall/ -- NCO Group, Inc. ("NCO" or the
"Company") (NASDAQ:NCOG), a leading provider of business process
outsourcing services, announced today that it has amended and
restated its credit facility. The amended and restated credit
facility is structured as a $300 million revolving credit facility
with a $100 million accordion feature allowing the Company to
increase its borrowing capacity up to $400 million, subject to
obtaining commitments for the incremental capacity from existing or
new lenders. The amendment also extends the maturity date from
March 15, 2006 to June 18, 2010. As of June 21, 2005, the Company
had outstanding loans of $31.3 million under the facility. RBS
Securities Corporation served as Joint Lead Arranger and Sole
Bookrunner for the facility and Citizens Bank of Pennsylvania is
serving as the Administrative Agent. National City Bank joined the
credit facility as Joint Lead Arranger and Syndication Agent; Bank
of America and Wachovia are serving as Documentation Agents. The
amended credit facility allows for $125 million of the capacity to
be used for the repayment of the Company's convertible notes if
they are not converted into NCO common stock before their maturity
on April 15, 2006. The Company is required to reserve sufficient
capacity to repay the convertible notes until such time as the
notes convert or are otherwise retired. The notes are convertible
into NCO common stock at an exercise price of $32.92. At the option
of NCO, the borrowings bear interest at a rate equal to either
Citizens Bank's prime rate or the London InterBank Offered Rate
("LIBOR") plus a margin of 0.75 percent to 1.50 percent depending
on the Company's consolidated funded debt to earnings before
interest, taxes, depreciation, and amortization ("EBITDA") ratio.
Commenting on the refinancing, Steven L. Winokur, Executive Vice
President, Chief Financial Officer, and Chief Operating Officer of
Shared Services, stated, "This amended credit facility provides us
with the financial depth to take full advantage of future growth
opportunities. We believe that the pricing and flexibility of this
facility is a reflection of our bank group's confidence in the
financial strength and stability of NCO." NCO Group, Inc. is a
leading provider of business process outsourcing services including
accounts receivable management, customer relationship management
and other services. NCO provides services through 87 offices in the
United States, Canada, the United Kingdom, India, the Philippines,
the Caribbean and Panama. For further information: At NCO Group,
Inc. Michael J. Barrist, Chairman and CEO Steven L. Winokur, EVP
and CFO (215) 441-3000 http://www.ncogroup.com/ Certain statements
in this press release, including, without limitation, statements as
to future growth opportunities, statements as to NCO's or
management's beliefs, expectations or opinions, and all other
statements in this press release, other than historical facts, are
forward-looking statements, as such term is defined in the
Securities Exchange Act of 1934, which are intended to be covered
by the safe harbors created thereby. Forward- looking statements
are subject to risks and uncertainties, are subject to change at
any time and may be affected by various factors that may cause
actual results to differ materially from the expected or planned
results. In addition to the factors discussed above, certain other
factors, including without limitation, the risk that NCO will not
be able to implement its business strategy as and when planned,
risks related to the ERP implementation, risks related to the final
outcome of the environmental liability, risks related to past and
possible future terrorists attacks, risks related to the economy,
the risk that NCO will not be able to improve margins, risks
relating to growth and future acquisitions, risks related to the
integration of the acquisitions of RMH Teleservices, Inc. and the
minority interest of NCO Portfolio Management, Inc., risks related
to fluctuations in quarterly operating results, risks related to
the timing of contracts, risks related to international operations,
and other risks detailed from time to time in NCO's filings with
the Securities and Exchange Commission, including the Annual Report
on Form 10-K for the year ended December 31, 2004, can cause actual
results and developments to be materially different from those
expressed or implied by such forward-looking statements. The
Company disclaims any intent or obligation to publicly update or
revise any forward-looking statements, regardless of whether new
information becomes available, future developments occur or
otherwise. DATASOURCE: NCO Group, Inc. CONTACT: NCO Group: Michael
J. Barrist, Chairman and CEO, or Steven L. Winokur, EVP and CFO,
+1-215-441-3000 Web site: http://www.ncogroup.com/
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