This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

IGATE Enters Into A New Credit Agreement

Stocks in this article: IGTE

ISELIN, New Jersey, November 25, 2013 /PRNewswire/ --

iGATE Corporation ("iGATE" or "the Company"), the first integrated technology and operations company providing outcomes-based solutions, today announced that on November 22, 2013 (the "Closing Date"), Pan-Asia iGATE Solutions ("Pan-Asia"), a 100% owned subsidiary of iGATE, entered into a credit agreement (the "Credit Facility") for a secured term loan facility with DBS Bank Ltd and ING Bank N.V., Singapore (the lenders) with ING Bank N.V., Singapore, as security agent (the "Security Agent"). The Company, along with several of its 100% owned subsidiaries, has entered into a Guaranty (the "Guaranty") with the Security Agent, under which the Company has guaranteed all of the obligations of Pan-Asia under the Credit Facility.

     (Logo: )

The Credit Facility has two components, Facility A and Facility B. Facility A has a commitment amount of $270.0 million and an interest rate of LIBOR+3.25% and Facility B has a commitment amount of $90.0 million and an interest rate of LIBOR+2.00%. Facility A will mature 60 months from utilization date while Facility B will mature 9 months from utilization date. The Credit Facility contains customary representations and warranties, events of default and affirmative, negative covenants and financial covenants.

Ashok Vemuri, President and Chief Executive Officer of iGATE, said, "We are very happy to announce the signing of a credit agreement which we expect to lower our financial leverage and create shareholder value by refinancing the indebtedness under the Senior Notes and Existing Credit Facilities Agreements. We expect this will result in significant interest savings in the years to come."

After the Closing Date, the Credit Facility will be available to enable Pan-Asia to repay a capital contribution to its parent company which in turn will be applied towards a refinancing of indebtedness under the Senior Notes and Existing Credit Facilities Agreements, subject to the terms of the Credit Facility.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs