MSX International Announces Debt Refinancing Deal significantly reduces MSXI interest rates, strengthens balance sheet
DETROIT, Aug. 22, 2014 /PRNewswire/ -- MSX International (MSXI), a leading global business process outsourcing company, completed the refinancing of its outstanding debt Aug. 21, 2014. MSXI raised $260 million of senior secured credit facilities in a syndicated financing led by RBC Capital Markets and SunTrust Robinson Humphrey, Inc. RBC Capital Markets and SunTrust Robinson Humphrey acted as Joint Lead Arrangers on the refinancing and Royal Bank of Canada will serve as the Administrative Agent to the Company. 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 C.E.O. "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."
About MSX International, Inc.
MSX International (MSXI) is a business process outsourcing company that provides technology based services to enterprises in more than 80 countries. MSXI's deep industry expertise combined with advanced data analytics and custom software solutions improve the performance of automotive dealership networks by increasing revenue, reducing cost and enhancing customer satisfaction. Geometric Results, Inc. (GRI), a wholly owned 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 organizational performance on behalf of customers by maintaining a conflict free position relative to staffing suppliers and technology platforms. To learn more about Detroit-based MSXI, please visit www.msxi.com.
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking arm of RBC and is consistently ranked among the top global investment banks. With over 7,100 employees, RBC Capital Markets is working with clients through operations in Asia, Australia, the UK, Europe, and in every major North American city, RBC provides capital markets products and services from 75 offices in 15 countries. RBC Capital Markets has major hubs in New York, Toronto, London, Sydney, Hong Kong, and Tokyo. For more information, please visit www.rbccm.com.
About SunTrust Robinson Humphrey
SunTrust Robinson Humphrey provides comprehensive capital raising, strategic advisory, risk management and investment solutions to serve the needs of corporate clients across the nation. Debt & equity underwriting, research, loan syndications, municipal securities, sales & trading and merger & acquisition advisory services are offered by SunTrust Robinson Humphrey, Inc., member FINRA and SIPC. Cash management, loans and loan related products, foreign exchange and risk management products and services are offered by SunTrust Bank, member FDIC.
SunTrust Robinson Humphrey has extensive experience working with public and private companies of all sizes – from emerging growth to the Fortune 500. While it offers a complete array of solutions and advice for companies across all industries, it provides in-depth industry expertise and dedicated corporate and investment banking practices for certain core sectors, including business services, financial sponsors, building products, healthcare, consumer and retail, media and communications, energy, transportation, financial services, technology and real estate. Visit suntrustrh.com to learn more.
SOURCE MSX International